Petrobras cash flow hits R$62 billion in 2011

Petrobras says its operating cash flow last year was 5% more than it was in 2010, at more than R$62 billion (€27 billion).

However, its net income was 5% less than 2010 at R$33 billion in 2011.

In Brazil, its reserves hit more than 15 billion barrels of oil equivalent (boe) and its reserve ratio now stands at more than 19 years.

For its output, oil and natural gas recorded more than 2.6 million boe last year and in Brazil the average oil and natural gas output was just over 2 million bpd, which was slightly higher than the average in 2010.

Last year the company also put five new production systems into operation and its sales of oil products were up by 9% compared to the previous year, closing at 2.13 million bpd.