Petrobras to miss 2003 production target

Brazil's federal energy company Petroleo Brasileiro (Petrobras) will miss its 2003 production target, a company official said Wednesday. Jose Luiz Marcusso, Petrobras's general strategic manager, said the company will likely be producing 1.55 million barrels of oil per day by the end of the year, compared with a target previously set at 1.59 million bpd. "We had operational problems in the Campos Basin that affected production," said Marcusso, without giving further details. He noted, however, that 2003 production, which should come in 2.5% below expected, is within the margin of error. "We've missed out target but production will grow from the 2002 result of 1.5 million barrels per day," he said. According to Marcusso, Petrobras's target of reaching production of 1.82 million bpd by the end of 2005 will be likely met as four new oil platforms go onstream in the Campos Basin. By 2007, Petrobras aims to be producing 2.22 million bpd. by Nicola Pamplona