Petrobras cuts output, spending targets as weaker outlook hits growth

摘要

Rio de Janeiro—Brazilian state-led oil company Petrobras has pared back its near term spending and production targets as the pandemic delays key offshore projects and a weaker price outlook forces it to conserve cash. Petrobras plans to spend $55 billion over the next five years to develop subsalt fields that will boost the company’s crude oil output nearly 20% to 2.7 million b/d by 2025, the company said in a regulatory filing Nov. 25.