Argentina's Petrobras Energia reports on output

Argentine energy company Petrobras Energia's production of oil and gas rose in February 2004 from the same month last year, the company said. Petrobras Energia said its total oil and gas output for February 2004 was 165,100 equivalent oil barrels, up from 150,000 barrels in the year-earlier month. The February result was also a rebound from the 163,300 equivalent barrels produced in January 2004, when output fell from December.
Petrobras Energia Participaciones (PZE), a unit of Brazilian energy company Petroleo Brasileiro (PBR), owns a 98.21 % stake in Petrobras Energia. The company turned out 117,900 oil barrels in February 2004, up from 106,900 barrels a year earlier, though slightly below the 118,100 barrels produced in the previous month.

Oil output from Petrobras Energia's Argentine operations, which make up the largest component of production, totalled 52,800 barrels in February 2004. This was a decrease from 58,100 barrels in February 2003. But oil production saw year-on-year increases in Venezuela, where production climbed to 46,600 barrels compared with 34,500 barrels in February 2003. Venezuela is the second biggest oil producer for Petrobras Energia.
The company's total gas production was 47,200 equivalent bpd, higher than the 43,100 bpd produced in the year-earlier month. The latest result was also an increase over the 45,200 barrels produced in January 2004.

Argentina turned out 35,600 equivalent barrels of gas in February 2004, up from 32,900 barrels in the same month last year. Output in Bolivia, which follows Argentina in gas production for the company, fell to 6,000 barrels from 6,500 barrels a year earlier.
When Petrobras Energia Participaciones announced its full-year 2003 and fourth quarter results in early February, it said it is planning major investments in oil and gas production for the current year. The company posted a net profit of ARS 381 mm in 2003, rebounding from a net loss of ARS 1.579 bn in 2002.