Brazil Oil and Gas Production Up 2.3 Percent in February
Oil and gas production in Brazil was up 2.3 percent in February over the same month the year before, the state-run oil company said Wednesday.
Petroleo Brasileiro SA announced that average daily production in February reached 2,129,420 barrels a day last month, an increase of 0.56 percent over January.
The company said it expected oil production would rise by another 500,000 barrels over the course of 2008, when five new drilling platforms are scheduled to enter operation and five rigs that came online in 2007 reach full capacity.
The company’s total production including oil fields outside Brazil stood at 2,351,883 barrels a day in February, an increase of 1.5 percent over the same month the year before.
Natural gas production from Brazilian fields reached 48,960,000 cubic meters (1,728,813,559 cubic feet) in February, 11.5 percent higher than the same month a year earlier.
Brazil consumes about 1.85 million barrels a day. But the country still imports light crude oil for refined products it needs, while it produces and exports mostly heavy crude oil.