Monday, June 28, 2010

Brazil Petrobras May Total Gas, Oil Output 2.599 Mln BOE/Day

RIO DE JANEIRO (Dow Jones)--Crude-oil and natural-gas production at Brazilian state-run energy giant Petrobras (PBR, PET4.BR) was stable in May as higher natural-gas output offset slightly lower crude-oil production, the company said Friday.

Petrobras said that overall daily oil and gas production reached an average 2.5991 million barrels of oil equivalent, or BOE, in May, up fractionally from 2.5985 million BOE a day in April.

In Brazil, Petrobras's domestic oil production fell 0.6% to an average of 2.02 million barrels a day in May, down from April's record daily average of 2.033 million barrels.

Petrobras has increased output in recent months as production ramps up at several platforms installed over the past 18 months. The company also expects to post production records later this year as two new platforms come on stream.

International crude-oil production advanced, with Petrobras producing an average of 151,700 barrels of crude a day in May, up from 151,400 barrels in April.

Domestic natural-gas output rebounded from recent demand-related declines. Production rose to 52.8 million cubic meters a day in May, up from 51.5 million cubic meters in April.

Natural-gas output at Petrobras's overseas facilities rose to 16.21 million cubic meters a day in May, up from 15.32 million cubic meters in April.

-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;

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