Petrobras will cut its five-year investment by approximately one-fifth in March due to hefty debt and downfall from a corruption scandal which hampered its capacity to finance foreign projects.
Two persons helping draft the plan disclosed the oil company’s spending program will decline to around $80 billion between 2016 and 2020, about $16 billion per year.
The new spending scheme would be only one-third of the $235 billion estimated capital spending under its previous plan.
Petrobras refused to comment on the report.
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