Paper: Petrobras 5-year Investment Plan to Make More Cuts

Reuters

SAO PAULO, Jan 7 (Reuters) – Brazilian state-run oil company Petrobras will present a five-year investment plan in coming weeks that is even leaner than the $19 billion announced in October, newspaper Estado de S. Paulo reported on Thursday.

The plan will likely be presented in February, the newspaper said, citing anonymous sources.

In addition to cutting investment in areas such as onshore and shallow water areas, Petrobras may have to add more assets to its list of 26 currently for sale, it said.

Petroleo Brasileiro SA, as Petrobras is formally known, is the world's most indebted oil company.

It is trying to recover from a corruption scandal which prompted a $2.1 billion write-off last year as well as from the impact of low oil prices. 

(Reporting by Caroline Stauffer; editing by Jason Neely)

 

Copyright 2016 Thomson Reuters. Click for Restrictions.

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