Petrobras Announces Financial and Deepwater Records

Petrobras has registered two consecutive profit records, set a deep water record for equipment installation, moved up to 12th position in the PIW ranking of the biggest oil companies in the world and is preparing the highest CAPEX budget in its history. Speaking at his first Press Conference at the OTC, Francisco Gros, the new president of Petrobras told the reporters specialized in petroleum, that Brazil’s National Oil company is doing well without its recently lost (1998) oil monopoly and is ready for competition. Gros announced that this year’s Capex Budget will be the biggest in the company’s 49- year history. He also pointed out that in the last two years Petrobras profits were also record high, surpassing the $4 billion figure in both 2001 and 2000.