RIO DE JANEIRO –Petrobras has reduced its long-term spending plan to the lowest level in eight years. Reuters reports that Petroleo Brasileiro SA plans to invest $130.3 billion in the 2015-2019, 41% less than the $221 billion in its previous 2014-2018 five-year plan.
It also trimmed its outlook for worldwide 2020 production of oil and natural gas by nearly one-third to 3.7 MMboe/d from its estimate of 5.3 MMboe/d a year ago.
About 83%, or $108.6 billion, of the new plan will go towardexploration and production. The biggest cuts come in refining and supply which saw its budget reduced 67% to $12.8 billion, said Reuters.