Petrobras reports on 2013 operations

Petrobras reports that, in 2013, oil and natural gas production totaled 2.5 MMboe/d, down 2% on 2012, primarily due to delays in starting up new systems, natural decline of fields, and sale of assets abroad.

Offshore staff

RIO DE JANEIROPetrobras reports that, in 2013, oil and natural gas production totaled 2.5 MMboe/d, down 2% on 2012, primarily due to delays in starting up new systems, natural decline of fields, and sale of assets abroad. Domestic output for 4Q 2013 was up 1% on the 3Q 2013 results.

In 2013, five new platforms came onstream and another four systems were deployed at their permanent locations. A presalt daily output record of 371,000 b/d was set on Dec. 24, 2013.

Proven reserves in Brazil reached 16 Bboe, up 1.6% on 2012. The company says that the reserve replacement ratio has been higher than 100% for 22 years in a row. 

Petrbras’ 2013 net income was 11% up on 2012 due to diesel (20%) and gasoline (11%) price increases in 2013, increased production of oil products, cost optimization, gains from the sale of assets, lower write-offs for dry wells, and lower foreign exchange impact due to hedge accounting. Adjusted EBITDA totaled almost R$63 billion ($27 billion), up 18% on 2012.

Net income for 4Q 2013 was R$6.281 billion ($2.675 billion), up 85% on 3Q 2013. This result reflects higher oil export volumes, lower dry well write-offs, gains from sale of the interest in block BC-10, and tax benefits stemming from provision of interest on own capital.

Last year’s oil and natural gas production totaled 2.5 MMboe/d, down 2% on 2012, primarily due to delays in starting up new systems, natural decline of fields, and sale of assets abroad. Domestic output in 4Q 2013 was up 1% on 3Q 2013 results.

02/26/2014

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