Oil & Gas Industry Petrobras Profits From Rising Oil Sales in Brazil
With oil sales in Brazil increasing by 9% on 2010, Petrobras books a R$62.246 billion (US $ 36.246) cash flow in 2011. Also the output of oil and natural gas increased, although only slightly.
Rio de Janeiro/Brazil – 2,131,000 barrels/day of oil products were sold in Brazil in 2011 – an 9% increase compared with the previous year, Petrobras says. Also the output of crude oil and natural gas increased slighlty: 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, the company explained.
Now new operations expand the production portfolio: 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). The Guará area (currently the Sapinhoá Field) was declared commercial in December, with a total recoverable volume estimated at 2.1 billion boe.
With the new fields, 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.