Petrobras announced that the operating cash flow, measured by the EBITDA, was 5% higher than 2010. Net income was R$33.313 billion in 2011, 5% down on the previous year;
In Brazil, proved reserves reached 15.71 billion boe (barrels of oil equivalent) based on the ANP/SPE criterion. The Reserve Replacement Index (RRI) was 152%, and the reserve/production ratio stood at 19.2 years. For the 20th consecutive year, the company has maintained an RRI above 100% in Brazil;
Oil and natural gas output averaged a daily record of 2,622,000 boe in 2011. In Brazil, the average oil and NGL (natural gas liquids) output was 2,022,000 bpd (barrels per day), 1% more than the 2010 average;
Output surged in the pre-salt in 2011: the daily average rose to 201,000 boe in December, up from 103,000 boe in January;
The Guará area (currently the Sapinhoá Field) was declared commercial in December, with a total recoverable volume estimated at 2.1 billion boe;
In 2011, five new production systems and 11 offshore drilling rigs came into operation (three more were undergoing acceptance tests at the end of the year);
In 2011, oil product sales on the Brazilian market were up by 9% on 2010, closing the year at 2,131,000 barrels/day;
On February 2, 2012, Petrobras held the largest international fund raising for Brazilian securities, amounting to US$7 billion, with favorable costs and terms to finance the Company’s activities;
A distribution of dividends and interest on equity capital was proposed for a total of R$12.1 billion (R$7.827 billion were already paid over the course of 2011).
The company also announced that the Annual Business Plan for 2012 was approved for a total of R$87,545 million.
1 Brazil real = 0.582751 U.S. dollars
[mappress]
LNG World News Staff, February 10, 2012