Petrobras Moves Closer to Becoming Pre-Salt Pure Play

摘要

Petrobras' latest capital spending cuts, of up to 37% over the next five years, will intensify its focus on pre-salt assets, Energy Intelligence research shows. The capex reductions are set to hit exploration as well as its non-pre-salt deepwater projects. But any success enjoyed by Brazil's state oil company will likely depend on it divesting a growing list of assets in a tough market, as well as a strong dollar. "Petrobras' new capex spending plans cement and solidify its transformation into a single play company," said Andrew Zoeller, manager of Energy Intelligence's Country Risk Evolution service.