Petrobras is punching new holes in its belt.

摘要

Brazil's state oil company said on Sept. 20 that it would cut investment over the next five years by 25% in an ongoing effort to reduce its debt. In a securities filing, Petrobras reported that it planned to spend $74.1B on 2017-2021, down from $98.4B under the previous plan for 2015-2019. The company also reaffirmed its $15.1 asset sale target for 2015-16 and its goal to bring in $19.5B through divestments and partnerships over 2017-18. "This plan should start bearing fruit within two years, when we expect...to return to the good situation of a few years back," said CEO Pedro Parente.