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Brazil’s Petrobras Announces Further Investment Cuts

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – State-owned petroleum giant Petrobras announced a reduction of its investment forecast over the next five years. According to the release issued on Tuesday (September 20th) morning, investment forecasts for the 2017-2021 period will total US$74.1 billion, twenty-five percent less than the previous plan (from 2015 to 2019), which called for investments of US$98.4 billion.

“The plan’s investment portfolio prioritizes exploration and oil production projects in Brazil, with emphasis on deep water exploration. In the other areas of business, investments will be primarily . . .

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