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Petrobras cuts the budget for 2017-2021 by 25%

This is going to be the companyís lowest five-year budget since 2006.

21.Sep.16 8:03 PM
By Alesya Davydova


Petrobras cuts the budget for 2017-2021 by 25%

Brazilís state-owned energy company Petrobras announced it will be spending US$74.1 billion over the next five years. The five-year budget, which is going to become the companyís lowest one since 2006, is cut by 25 per cent.

Moreover Petrobrasí officials also added that the company still plans to sell US$15.1 billion assets by the end of this year, and accumulate another US$19.5 billion from asset sales and partnerships by 2018. It is expected that total asset sales for the next 10 years will reach approximately US$40 billion.

Earlier this month it was said that Petrobras made over 11,700 employees sign up to get fired through the firmís voluntary dismissal program, states a new report by Bloomberg. The companyís management plans to reduce debt and operational costs by $10 billion in the nearest years thanks to the program as the world oil prices remain low.

World media noted that the statement from Petrobras comes at the same time as a warning from OPECís secretary-general Mohammed Barkindo who said that cuts in investment by global oil and gas companies may pose a threat to the security of supplies in future.

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