RIO DE JANEIRO -(Dow Jones)- Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR) is evaluating its production operations in the key Campos Basin before announcing new output targets, Chief Financial Officer Almir Barbassa said late Tuesday.

Petrobras boosted crude oil output to 2.066 million barrels a day in the first quarter, up a less-than-expected 22,000 barrels a day from the first quarter of 2011, Barbassa said. "We are re-evaluating this segment to increase efficiency," the executive told reporters during a press conference to discuss the company's first-quarter earnings report.

Campos Basin output "is made via installations that have, on average, advanced ages, although we also have new platforms there," Barbassa said. "Operational efficiency is very important in determining production volumes."

Petrobras is also waiting for production to restart at the Frade field operated by U.S. oil major Chevron Corp. (CVX). Frade was shut down in March after oil started seeping from cracks in the seabed, the second such leak at the field. In November, a drilling accident caused an estimated 2,400 to 3,000 barrels to seep into the Atlantic Ocean.

Petrobras holds a 30% stake in the field.

According to Barbassa's presentation, 2012 production targets will be announced when the company completes work on the 2012-16 five-year strategic investment plan. No timeline has yet been given for the release of the investment plan.

-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com