Petrobras To Post Trade Surplus

Petrobras, Brazil’s state-owned oil company, has forecast a trade surplus this year for the first time ever this. The projected surplus of $1.34 billion in 2006 is thanks in large part to the new P-50 oil platform in the Albacora Leste oil field in the Campos Basin, due to come on line in March. The field is expected to produce around 180,000 barrels per day (bpd) and will boost overall output to 1.91 million bpd this year, up from 1.68bpd last year, thereby exceeding domestic demand by around 60,000 bpd.