Petroleo Brasiliero Begins New Production Operation

In a statement published by the Brazilian energy company Petroleo Brasiliero S.A. (NYSE: PBR), the company informs that operations have begun at the P-53 platform in the Campos Basin. The total production capacity at the new installment 120 km. off the coast of Rio de Janeiro, will be 180.000 barrels of oil, and 6 million cubic metres of natural gas a day, with peak production expected to be achieved in the first half of 2010. The platform is anchored in the Marlim Leste Field, at water depths of 1.080 metres.

In the statement, the company also informs that four more production units will go online in the next six months.

At the current price level of US$18.43 per ADR, the Petrobras' shares are trading at a P/E of 4.66, with a market cap of US$80.05 billion, and a YTD performance of -68.01%. The Current Ratio is 1.37.

Petrobras' latest interim statements can be found in our download section.

Comments

[kurt walter:]

PBR: buy, buy, buy.

2008 Dec 05 08:53 PM