Petrobras embarks austerity program.

摘要

The Brazilian state-controlled oil company has reduced its spending plans as well as its crude production expectations for the first time either since becoming ensnared in a continuing corruption investigation, as well as since the crude price collapse last year. "The production targets in Brazil were updated to reflect the postponements of projects with lesser maturity and delays in the delivery of production units, largely due to limitations of Brazilian suppliers," Petrobras said in a securities filing, as it cut its domestic liquids production target for 2020 to 2.8MM b/d, down from 4.2MM b/d. Its total production target, including natural gas, was cut to 3.7MM boe/d, from 5.3MM boe/d. Currendy, the company's liquids output is at 2.1MM b/d, while total production is at 2.8MM boe/d.