Rio de Janeiro \u2013 The 5% reduction in Petrobras revenues in 2011, as against the previous year, was caused by the great number of unprogrammed stops in production units and by exchange losses, among others. The state-owned company\u2019s profit dropped from R$ 35.2 billion (US$ 20.4 billion at current exchange rates) in 2010 to R$ 33.3 billion (US$ 19.3 billion) last year.<\/p>\n
Another reason for the reduction in the company\u2019s profits is the great difference between the price of the barrel of oil on the international market and the price charged by Petrobras. \u201cThis lower profit is closely related to conjectural elements regarding prices and exchange rates and also some uncontrolled impacts we had in production, including unprogrammed stops,\u201d said company president Jos\u00e9 Sergio Gabrielli, in a press conference in the city of Rio de Janeiro.<\/p>\n
According to the financial director at Petrobras, Almir Barbassa, unprogrammed stops were due to an agreement signed with the National Petroleum Agency in the second half of 2010, to reduce risks at platforms. The unprogrammed stops alone reduced production by an average of 40,000 barrels of oil a day. \u201cIt was a difficult year, when considering the stops. This increased costs and reduced revenues,\u201d said Barbassa.<\/p>\n
According to the Export and Production director, Guilherme Estrella, programmed stops are scheduled 18 months in advance and involve great planning. When compared with these, non-programmed stops tend to be \u201clonger and more expensive\u201d.<\/p>\n
Another result identified in the 2011 Petrobras budget, presented on Thursday (9), is a reduction in company investment. In 2011, the state-owned company invested R$ 72.5 billion, almost R$ 4 billion less than in the previous year. According to Gabrielli, the reduction is due to a limitation in the supply chain, which, due to the international financial crisis and to the excess demand, was not capable of delivering equipment in time.<\/p>\n
*Translated by Mark Ament<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
The 5% reduction in company revenues last year was caused by unprogrammed stops in production units and by exchange losses.<\/p>\n","protected":false},"author":2315,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-40638","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"The 5% reduction in company revenues last year was caused by unprogrammed stops in production units and by exchange losses.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/40638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2315"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=40638"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/40638\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=40638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=40638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=40638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}