Petrobras cuts 41 percent from five-year E&P plan

Scandal-stricken Brazilian oil company Petrobras cuts billions of dollars from its development budget for the next five years.

Aldemir Bendine, CEO i Petrobras | Photo: Eraldo Peres/AP/POLFOTO

The massive financial and internal problems at Brazil's state-owned oil company Petrobras now make the company cut its E&P budget significantly for the next five years.

Petrobras will in the period 2015 to 2019 spend USD 130.3 billion, which represents a 41 percent reduction compared to the original budget plan to spend USD 221 billion in the five-year period, according to Reuters.

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