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27 April 2013
BRASIL : Petrobras Production Falls Again; Down 3.9% In March.
Troubled state-controlled energy giant Petrobras/PBR...saw its March production fall again...down 3.9% from February.
It notched only 1.85 million bpd in March.
It was PBR's 10th consecutive month of falling production.
Officials blamed maintenance work in the important Campos field.
But Petrobras still reported a Q1 profit of $3.85 billion...beating estimates...but posting a 17% decline from 2012.
In May...the first bidding in years...will be held for 166 offshore blocks...including 81 deep water sites.
71 companies and 18 countries are registered for the potentially lucrative auction.