Petrobras Lowers 2007 Domestic Output Targets

Brazil's federal energy company Petrobras (NYSE: PBR) has reduced its 2007 production target from 1.9Mboe/d to 1.84Mboe/d, company E&P director Guilherme Estrella told reporters.

"We had a first half full of operational problems that will not happen again. We had problems in the ramp-up of oil platforms P-34, P-43, P-48 and P-50," Estrella said. Problems included fires and project postponements.

Petrobras will end 2007 with a 2Mboe/d domestic production peak thanks to ramp-ups at the platforms, Estrella said.

Petrobras forecasts average domestic oil production of 2.05Mb/d next year. For 2012 and 2015, Petrobras aims to reach average oil output of 2.42Mb/d and 2.81Mb/d, respectively. Petrobras ended 2006 with average domestic oil production of 1.91Mb/d.

Including its international E&P activities, Petrobras plans to reach oil and gas production in 2012 and 2015 of 3.49Mboe/d and 4.15Mboe/d, respectively.

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