Petrobras 2013 crude oil output misses target, undercut by aging platforms

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR -0.3%) says Brazilian crude oil production in 2013 fell short of its target, as output at mature fields declined and new offshore platforms were delayed.

Output was undercut by ongoing maintenance at aging offshore platforms as PBR tried to reverse natural declines at mature oil fields in the Campos Basin, where more than 85% of Brazil's crude is produced.

PBR produced 1.93M bbl/day of crude in 2013, down 2.5% from 2012 and lower than the company's target of 2.02M; production started to trend upward in H2 2013 as nine new platforms installed in late 2012 and early 2013 began to ramp up, but PBR says some of the new platforms were behind schedule.