Petroleo Brasileiro SA, Brazil’s state-controlled oil company, will miss its 2010 domestic production target by 4.6 percent even after reaching record daily output earlier this week.
Petrobras, as the Rio de Janeiro-based company is known, produced an average 2 million barrels of oil a day in Brazil this year, below a 2.1 million-barrel target, according to a regulatory filing today. Daily output reached a record 2.26 million barrels on Dec. 27, Petrobras said. [Oil and liquids but not including natural gas production in barrels of oil equivalent per day, i.e. boed. -- D.R.]
"2010 was a disappointment," Marco Saravelle, an equity analyst at Coinvalores in Sao Paulo, said today in telephone interview. "They need to set targets that they can meet."
Output fell in October to the lowest level since July, 2009, after Petrobras shut several offshore platforms for maintenance. The company has boosted output since November after starting several wells in the offshore Campos Basin. [Above -- full, see also map in this blog, here]
(Even falling below target, Petrobras has had a good performance in 2010. Petrobras performs various activities overseas too, and maintains a steady international operation. It is present in Angola, Argentina, Bolivia, Nigeria, etc. In late 2009, ultra-deepwater drillship Petrobras 10000--see image below, for instance, has started work in Angola. Petrobras monthly average in Brazil for December will be approximately 2.12 million barrels a day, 4.4% higher than the production achieved in November 2010, which was 2.03 million barrels a day -- see Scandinavian Oil-Gas Magazine, here. If the natural gas production is figured in, Petrobras’ total production in Brazil, in November, in barrels of oil equivalent per day--boed, reaches 2,378,674. This is 4.2% more than the daily average reached in October 2010 [2,283,689 barrels], and 3% more than its total average, i.e. including oil and gas, in November 2009. Considering the fields in Brazil and abroad, Petrobras' total oil and natural gas production averaged 2,620,347 boed in November 2010, compared with 2,534,274 boed in October 2010 -- see Scandinavian Oil-Gas Magazine, here. Brazil’s oil output, including foreign output, rose to a record 2.089 million barrels a day in November 2010, from 1.986 million barrels a day in November 2009, namely a 5.2% rise. Petrobras has been ranked fourth in the Platts Top 250 Global Energy Companies Rankings 2010, reflecting the 2009 financial performance, behind ExxonMobil, BP and Gazprom Oao---please see my post, here. Also, Petrobras retained its spot as the No. 15, in the 2011 Petroleum Intelligence Weekly's/PIW's ranking for 2009---please see my blog stand-alone page "Companies" > Petrobras, here. -- D.R.)
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