Offshore staff
RIO DE JANEIRO – Petrobras has announced measures to balance its cash flow in 2020.
In light of current developments the company will reduce planned investments this year from $12 billion to $8.5 billion, mainly through postponements of exploration activities, interconnection of wells, construction of production and refining facilities, and the devaluation of the Real against the US dollar. It will also implement an additional $2 billion of opex cuts, including:
• Mothballing of platforms in service at shallow-water fields, where lifting costs per barrel are higher due to the fall in the oil price. Current oil production from these fields is 23,000 b/d and divestments in these assets continues
• Lower costs via well interventions and optimization of production logistics
• Postponement of new material contracts for 90 days.
03/26/2020
