Brazil's Petrobras slashes investment amid kickback probe

By The Associated Press

Brazil's state-run oil company announced on Tuesday that it is further slashing investment plans by one-fourth less than a year after similar cuts as oil prices fall and a corruption probe widens.

In this Feb. 4, 2015 file photo, workers whose company is contracted by Brazil's state oil company Petrobras throw their work uniforms at the company's building headquarters to protest corruption, in Rio de Janeiro, Brazil. Petrobras is further slashing its investment plans by one fourth less than a year after similar cuts as oil prices fall and a corruption probe widens. (AP Photo/Silvia Izquierdo, File)

RIO DE JANEIRO (AP) — Brazil's state-run oil company announced on Tuesday that it is further slashing investment plans by one-fourth less than a year after similar cuts as oil prices fall and a corruption probe widens.

A Petrobras statement said the company will invest $74.1 billion between 2017 and 2021, a 25 percent drop from the $98.4 billion previously projected for the 2015-2019 period. It will also sell $19.5 billion worth of assets in the next two years after selling $15.1 billion in the last two.

The company says it aims to produce 2.77 million barrels a day in 2021.

These 5-year projections have repeatedly plunged from $220.6 billion announced in 2014.

Prosecutors have implicated numerous business executives and politicians in a sweeping kickback scheme centered on Petrobras. Petrobras CEO Pedro Parente has said he will root out corruption.

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

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013