May 15, 2008

No peak yet, New high for World Oil supply, 293,000 more barrels of oil per day

World Oil production figures from the Energy Information Administration (EIA) International Petroleum monthly for February 2008 reached a new high of 85.921 million barrels of oil per day. 36.881 million barrels of oil per day from OPEC in February. 74.657 million barrels of oil per day world oil production including lease condensate which is up from 74.431 millions barrels of oil per day in January, 2008.

This was an increase from the January, 2008 figure of 85.628 million barrels of oil per day.

When the April figures are released in two months, there will be an additional 42,000 barrels of oil per day from new offshore production from Brazil.

This 42 thousand bpd difference was the outcome of new wells going online at the P-52 and P-54 platforms, both in Roncador, at the P-35, in Marlim, and at the PPM-1, in Pampo. Production being kicked-off at FPSO-Cidade de Rio das Ostras, on March 31, in the Badejo field, also in the Campos basin, contributed to this mark as well.

Petrobras’ daily production capacity is expected to grow an additional 500,000 barrels in 2008, when four more platforms kick-off their operations, three of which in the Campos Basin and one in the Espírito Santo Sea. Furthermore, the five platforms that started producing in 2007 are also slated to reach their maximum capacities during the year.

Saudi Arabia started production at the Khursaniyah field in April, 2008 and it should be producing 300,000 bpd in May, 2008. It should be pumping 500,000 barrels a day in 2009.

Megaprojects for oil for 2008 and 2009

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