(Adds Petrobras production history, attempt to contact
Petrobras, share price)
BRASILIA Aug 4 Brazil's state-run Petrobras
will probably not meet its oil production target for 2014
because of continued delays in the startup of new offshore oil
platforms, a government source with direct knowledge of the
situation told Reuters on Monday.
Petroleo Brasileiro SA, as Petrobras is formally
known, had set a goal of increasing oil output in Brazil by 7.5
percent in 2014, plus or minus one percentage point, compared
If met, the target would be the company's biggest one-year
rise in Brazilian oil output since at least 2006. Brazil
produced an average of 2.06 million barrels a day of oil and
related natural gas liquids in 2013, 3.11 percent less than in
2012. Brazilian output fell 2 percent in 2012.
Petrobras officials did not immediately respond to requests
for comment. Lacking permission to speak on the record, the
source asked for anonymity in exchange for the information.
Because of stagnant output, project delays and
government-ordered fuel subsidies, Petrobras has seen its debt
rise and cash drain away and is now the world's most indebted
and least profitable major oil company, according to Thomson
Petrobras has spent between $22 billion and $47 billion a
year since 2008, one of the largest corporate investment
programs ever. It has made large new discoveries in that period,
but total output in Brazil and abroad fell for the last two
years and is only 5.5 percent greater than in 2008.
Petrobras' preferred shares, the company's most-traded class
of stock, rose 2.3 percent on Monday to close at 19.45 reais in
Sao Paulo. Trading had ended before news of the likely output
target miss was reported.
(Reporting by Roberto Samora and Leonardo Goy; Writing and
additional reporting by Jeb Blount in Rio de Janeiro; Editing by
Jonathan Oatis and Dan Grebler)