S\u00e3o Paulo \u2013 The Brazilian state-owned oil company, Petrobras, announced this Friday (13th) that it posted a net profit of nearly 11 billion Brazilian reals (US$ 6.7 billion) in the first quarter, representing an increase of 42% over the same period of last year and of 4% over the last three months of 2010. The figure is a record, according to the company.<\/p>\n
According to a statement from the company, the result was influenced by a 4% increase in domestic oil and gas production, a 6% increase in sales of derivatives, and a 13% increment in sales of natural gas, combined with the higher prices of the product on the domestic and foreign markets.<\/p>\n
As a result of the increase in the Brent oil price from US$ 76 in the first quarter of 2010 to nearly US$ 105 in the same period this year, Petrobras\u2019 revenues from foreign sales grew by nearly 2 billion reals (US$ 1.2 billion).<\/p>\n
The company\u2019s total daily production of oil and gas, in Brazil and abroad, grew by 3% in the first three months of 2011, compared with the first quarter of last year, and surpassed the average of 2.6 million barrels of oil equivalent.<\/p>\n
The company also informed that its investment portfolio reached nearly 16 billion reals (US$ 9.8 billion) in the first quarter, of which 83% were allocated to exploration, production and refining activities.<\/p>\n
*Translated by Gabriel Pomerancblum<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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