Petrobras to undershoot 2014 production target

摘要

Despite hitting record production levels this year, staterun Brazilian oil company Petrobras will not meet its target of increasing crude oil production by 7.5% in 2014, owing to construction delays at new production facilities and a shortage of specialized ships to hook up newly-completed wells, according to company officials. Petrobras expects crude output to rise 5.5%-6% in 2014 from 1.931 million b/d in 2013. Jose Formigli, director of exploration and production, said "Today we have all of the actions necessary very well mapped out and with new wells coming onstream, primarily injection wells, we're confident that we will reach the end of 2014 with production growth of 6%.”