Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, has cut its oil production growth target for 2010 by 30%, from 440,000 new barrels/day to 336,000 barrels/day. The company cites a delay in construction of a production ship as the cause of the production cut.
This is the latest setback in the company’s massive, multi-year $225 billion capital spending campaign, and was announced on the first day of new CEO Maria das Gracas Foster’s tenure. She was promoted to the CEO job for her operational experience and ability to get things done. She faces a multitude of challenges as Petrobras seeks to exploit the country’s huge offshore oil deposits.
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