Petrobras Likely to Miss 2014 Output Goal

Brazil's state-run Petrobras will probably not meet its oil and gas production target for 2014 because of continued delays in the startup of new offshore oil platforms, a government source with direct knowledge of the situation told Reuters on Monday.

Petrobras set a 2014 goal of increasing output by 7.5 percent, plus or minus one percentage point, hoping to break a string of missed targets caused by declining output from its largest existing fields and delays in new areas.

(Reporting by Roberto Samora and Leonardo Goy; Writing by Jeb Blount; Editing by Jonathan Oatis)