Brazil's Petrobras fails to meet output target
Brazil's state-run oil company says it failed to reach its year-end production target even though its daily oil output increased 5.3 percent in 2014.
In November, the company reduced its 2014 production increase projections from 7.5 percent to between 5.5 and 6 percent because of delays in the construction and delivery of offshore platforms, licensing processes and the connection of some wells.
The reduced output figures come amid a probe by prosecutors into allegations of the company's alleged involvement in a multibillion dollar kickback, inflated contracts and bribery scheme.
- The Associated Press
- Published on:
- January 13, 2015
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