Brazil's state-controlled gas and oil multinational Petrobras announced on Friday, December 19, that the company's average oil production in Brazil was 1,844,940 barrels a day in November, an increase of 4.6% over the same month in 2007 and a reduction of 1.5% over October.

With regard to production of natural gas, it reached 51.241 million cubic meters, growth of 16.7% over November last year and a reduction of 4.8% when compared to October.

According to the company, the reduction from one month to the other was caused by scheduled stops at platforms in the Northeastern Hub of Campos Basin, in the Southeast of the country. The units have already returned to operation, according to Petrobras.

Average production of oil and gas in Brazil totaled 2,167,238 barrels of oil equivalent (boe) a day, an increase of 6.4% when compared to November 2007 and a reduction of 1.9% when compared with October.

Total company production in Brazil and abroad was 2,403,203 boe per day on average, growth 6.5% over November last year and a reduction of 1.5% over October.

On the foreign market alone, in the eight countries the organization operates in, production of oil and gas was 236,167 boe a day on average, 7% more than in November 2007 and 2.9% more than in October.

Petrobras announced earlier this month that it made loans from three Japanese banks, for the value of 75 billion yen (around US$ 750 million), for investment in the Henrique Lage Refinery (Revap) in São José dos Campos, in the interior of the state of São Paulo.

According to a press statement by the company, the program is being developed to increase the heavy oil processing capacity, improve the quality of diesel and petrol and diversify the variety of products processed.

In the press statement Petrobras informed that the financing was granted by banks Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Corporate Bank (Mizuho) and the Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) and the payment span is ten years.

"The financing is part of the company's program for fund collection to finance part of its investment projects with the support of traditionally-used long-term financing sources," according to the statement.

Anba/ABr

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Petrobas
written by falupa, December 23, 2008

This is because the price of oil has been dropping dramatically. It is important for these oil producing companies to drop production in order to bring up prices. This will drop the quantity demanded. It is important to make sure that Petrobas doesn't increase production just for the time being.

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