Friday, January 16, 2009

Petrobras Says Oil and Gas Production Up 4.3 Percent Over Last Year

The good news for Brazil's government-run company Petrobras (PZE), is overall its output increased by 4.3 percent in 2008 in contrast to output in 2007. The bad news is their international oil and gas production both fell.

Considering today's economic climate, it still isn't a bad performance.

On the domestic side, which is where the major production of the company comes from, oil and gas production grew to almost 2.2 million barrels a day, while overall production was 2.4 million barrels a day.

On the international side of things, gas fell by 8.3 percent to 17,063 cubic meters a day, while oil declined by 2 percent to 123,635 barrels a day.

Most of the international drop came from the hurrican season as well as some of the maturer oil fields fell in production.

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