Petrobras Reduces 2012 Capex

摘要

Shareholders in Brazil’s state-controlled oil company Petrobras approved a 16% reduction in capital spending budget plans for this year as new chief executive Graca Foster seeks greater focus on exploration and production. Petrobras will invest up to 58.8 billion reals ($32.3 billion) this year, down from a 2011 budget of 69.8 billion reals, the company said in a securities filing late on Monday.