Petrobras chief issues tough new project rules

Challenges ahead: Petrobras chief executive Maria das Gracas Foster

REUTERS/SCANPIX

By FABIO PALMIGIANI Rio de Janeiro

 28 June 2012 22:59 GMT

BRAZILIAN oil giant Petrobras is introducing tough new project management mechanisms that will emphasise operational efficiency as it bids to meet revised first oil targets on key offshore development projects under its updated strategic plan.

Petrobras stressed the need to take a stricter approach to its business model after establishing more pragmatic production targets for the next five years, in an effort to streamline efficiency and cut operational costs.

“It is true that Petrobras, historically, does not fulfill its production targets. We can’t count on miracles when we display our targets anymore. That is why we are setting a more realistic goal this time,” said Petrobras chief executive Maria das Gracas Foster.

Petrobras has acknowledged that initial production from the Sapinhoa and Lula North-East pre-salt fields has been…

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