Petrobras cuts spending plan

Offshore staff

SAO PAULO, Brazil – Petrobras has cut $11 billion from capital spending plans for this year and next, Reuters reported.

The company plans to cut 2015 investment by 11% to $25 billion from the previous $28 billion, according to a statement. Investment for 2016 will be cut 30% to $19 billion from $27 billion. Budgeted costs plus operating expenses excluding purchases of raw materials were also trimmed for this year and next.

This latest round of cuts is the second in three months. Last month, Reuters reported that Petrobras could be forced to make new cuts to its five-year plan as the price of oil fell, rising interest payments, and a weak currency made the program obsolete.

10/06/2015

Share your news with us at news@offshore-mag.com.  

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...