Oil price propels Petrobras profits

Campos Basin output bolsters giant’s results

Rainbow Nelson - Wednesday 13 August 2008

BRAZILIAN energy giant Petrobras has unveiled record second quarter profits thanks largely to new production from its Campos Basin oil fields coming on stream at a time of record oil prices.

Consolidated net income was R$8.8bn ($5.4bn) in the second quarter, up 29% year-on-year, while profits in the first half were up 44% to R$15.7bn.

Record prof...

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