Braspetro Reaches Record Production in May

Monday, July 12, 1999

Brazil-based international oil company Braspetro registered record oil and gas production levels in May 1999, its state-controlled parent company Petrobras announced. On average Braspetro produced 74,048 barrels of oil equivalent per day (boed), 63,300 in oil and the remainder - 1.8 million cubic meters per day - in natural gas. This represents a 38.6% increase on May 1998's average. In April of 1999 the company produced 69,075 boed. Braspetro's average annual production to May 1999 was 68,555 boed, 28.9% more than the same period last year. The increase was mostly due to production hikes in Colombia, UK and the US. Average production within the next months is expected to surpass 80,000 boed, mostly due to continued growth in the aforementioned countries.

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