MercoPress. South Atlantic News Agency

Petrobras production behind schedule.

The Brazilian government oil company Petrobras will end 2004 with a 3% drop in oil production over last year because of delays with one of the new extracting rigs.

Guilherme Estrella head of Petrobras' department of Exploration and Production said production in 2004 will range between 1,5 and 1,52 million barrels per day, while in 2003 it averaged 1,54 million barrels per day but expects 1,72 million bpd in 2005.

"We're not reaching our target this year. In the third quarter production actually dropped 2% but next year daily production will increase by 480,000 bpd", insisted Mr. Estrella.

The Petrobras official blamed the delay on the P-43 platform which only left for the Barracuda deposits in the Campos Basin off shore Rio do Janeiro "last Friday and will only begin production in mid December, thus reducing our extracting capacity by 150,000 bpd".

However Mr. Estrella was optimistic about 2005 and the 1,72 million bpd target.

"Besides P-43 (150,000 bpd), in mid January the rig P-48 will begin production in the Caratinga deposits (150,000 bpd) and P-50 in Albacora with a daily production of 180,000 barrels".

If Brazil finally reaches a daily production above 1,7 million barrels, it will have reached self sufficiency.