Brazil: Petrobras Net Income Down 5 pct. Earmarks USD 24 bln for E&P

Petrobras today reported that its’ net income was R$33.313 billion (USD19.3 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.  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.

The company that today announced a new appointment at the CEO position, also announced that the Annual Business Plan for 2012 was approved for a total of R$87,545 million (USD 50.7 billion). Almost half of the sum, some $24.2 billion, has been allocated for exploration and production in 2012.

[mappress]
Offshore Energy Today Staff, February 10, 2012