Brazil oil, gas production 'increased in May'
Date added: 24th June, 2009 at 09:43
(view all articles from June, 2009)
Categories: Economy, Natural Resources
The production of oil and natural gas increased in May, state-owned energy giant Petrobras has said.
This week, the company announced that average production of both fossil fuels last month topped 2.3 million barrels of oil equivalent, 6.7 per cent more than a year ago.
This was a 1.1 per cent increase over the amounts seen in April. Meanwhile, oil production alone increased by 0.7 per cent.
Petrobras attributed the increase to more wells going online, as well as to increased production in the Campos Basin.
Domestic oil output is now close to previous record levels thanks to discoveries of new crude reserves off the Brazilian coast.
In related news that may interest people considering investing in Brazilian property, Brazilian president Luiz Inacio Lula da Silva said last month that the country may be entering a new era of oil production.
This came after as much as eight billion barrels of oil equivalent in sub-salt oil was discovered in the Tupi field.
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