Petrobras cuts investments to US$74b in five-year plan

[RIO DE JANEIRO] Petroleo Brasileiro SA reduced investments and said it will sell more assets in its latest business plan as it looks to downsize operations and slash the industry's biggest debt load.

The 2017-2021 business plan, the first drafted under Chief Executive Officer Pedro Parente, focuses on accelerating debt reduction and adapting to low international oil prices amid Brazil's deepest two-year recession on record. Petrobras, as the Rio de Janeiro-based producer is known, has reduced its five- year investment plan to US$74.1 billion, down from from US$98.4 billion in the most recent plan and US$236.5 billion in the five- year plan it announced in 2012 during the commodities boom.

Domestic oil production is targeted to grow to 2.77 million barrels a day in 2021.

BLOOMBERG