Brazil: Petrobras’ Oil & Gas Production Figures for May 2011

Petrobras’ domestic oil and gas output in May was 2,361,080 barrels of oil equivalent per day (boe/d), 0.6% more than the 2,345,989 figure for April, and up 0.4 % compared to May last year. Natural gas output reached 56.899 million cubic meters, 7.8% up on May 2010 and 4.5% up on the April 2011 figure.

In May, production got underway at new wells connected to four platforms operating in the Campos Basin (P-57 Jubarte, P-19 Marlim, P-48 Barracuda and P-40 Marlim Sul). Output from these wells offset a temporary in production from platforms undergoing scheduled maintenance. For this reason, the Company’s domestic oil production in May (2,003,198 barrels per day) remained unchanged against the April figure.

International production

The volume of oil and natural gas produced by oilfields outside Brazil was 225,238 boe/d in May. Yield was 2.5% higher than the previous month’s, due to gains in operational efficiency in the Akpo field (Nigeria) and increased Brazilian demand for Bolivian gas. Compared to the same month last year (2010), the result was down 8.9% due to operational issues on the platform that operates in the Akpo field and taxes paid on oil from the Agbami field, also in Nigeria.

Natural gas production abroad was 15.898 million cubic meters, 2% less than a year ago due to a slight natural in Argentinean gas field output, and a in demand for Bolivian gas. Compared to April 2011, growth was 4.2%, reflecting higher demand for Bolivian gas.

Petrobras’ average oil and natural gas output in Brazil and abroad totaled 2,586,318 boe/d in May. This result represents an increase of 0.8% over the total volume output in April 2011. Compared with the same period in 2010, the total was down slightly (-0.5%).

Source:Petrobras , June 17, 2011;

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