Petrobras history of failed plans raises doubt over new promises

Brazilian state-run oil company Petroleo Brasileiro SA's long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt. The company's $90 billion cut on Monday from planned investment over five years and 30 percent reduction to its 2020 oil and natural gas output forecast mark the first major retrenchment by Petrobras, as it is known, since the discovery of giant offshore oil reserves south of Rio de Janeiro was announced in late 2007. Petrobras, though, has not met an annual production target since 2003 when the Workers' Party government of Brazilian President Dilma Rousseff and her predecessor Luiz Inacio Lula da Silva took power.

Petrobras history of failed plans raises doubt over new promises source: http://finance.yahoo.com/news/petrobras-history-failed-plans-raises-050908717.html