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Further spending cuts likely by Petrobras as old plan is obsolete

Downgrade will raise cost of refinancing debt, reduce capital available to drill wells: sources
Saturday, September 12, 2015 - 08:00
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MR BENDINE: Has said Petrobras would likely start reviewing its strategic plans on a quarterly basis

Rio de Janeiro

BRAZIL'S state-run oil company Petrobras, which slashed its five-year spending plan by 40 per cent in June, will likely cut back further as growing debt costs, falling oil prices and a weak currency have already made the plan obsolete, two company sources told Reuters on