Petrobras Workers at Campos Basin Begin Union Strike

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Researched by Industrial Info Resources (Sugar Land, Texas)--On July 14, 2008, Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) workers from the Campos Basin oil reserve off the coast of Brazil began a five-day union strike to demand better working conditions. The strike began at midnight and has affected four of the 38 production platforms at Campos Basin.

The strike initially generated a 300,000-barrel-per-day production loss, which represents about 20% of the usual extraction of 1.5 million barrels per day. Petrobras implemented a contingency plan to maintain production levels and ensure platform security. On July 15, the production was nearly normalized and Petrobras was operating at 96% capacity. Campos Basin is responsible for 84% of Brazil's crude oil production. According to Paulo Roberto Costa, director of supply at Petrobras, the company has enough stock for the Brazilian market. Authorities at have stated that the refineries have 10 days of oil reserves, and up to now, none of the refineries' production levels has been seriously affected.

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