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Petrobras reduces 2017 capex budget on cost savings

 

 

SAO PAULO
Petroleumworld 05 15 2017

Petroleo Brasileiro SA has lowered its capital spending forecast for 2017 by $3 billion due to licensing delays, more efficient investments and postponed payment on some contracts, executives told analysts on a Friday conference call.

The state-controlled Brazilian oil company, known as Petrobras, is more wary about contracting new drillships given the improving efficiency of its exploration and production activity, executives said.

Reporting by Brad Haynes; Editing by Daniel Flynn from Reuters.

reuters.com May 12, 2017

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