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.
Petrobras 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. Nor has it met five- or 10-year projections. Some doubt its “more realistic” 2015-2019 plan will do better.
Brazil Energy Insight 
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