Petrobras Plans to Cut $8.1 Billion in Operational Costs through 2023

Brazil’s state-controlled oil company Petróleo Brasileiro SA. or Petrobras. announced plans to cut $8.1 billion from its operational costs in the period from 2019 through 2023. according to a securities filing released on Friday.

Petrobras said it intends to reach that economy on costs mainly with reductions in expenses with employees — it will launch a voluntary lay-off plan soon — and with lower expenditures in advertisement and office spaces.

The company said the proposed cuts on operational costs will reduce that allocation in its 2019-2023 business plan. which originally estimated those costs at $122.6 billion for the 5-year plan.

It also said it plans to sell some mature oil fields in Brazil. a small addition to its divestment program.

 

About core

Check Also

TotalEnergies to Acquire Germany’s VSB Group

TotalEnergies has agreed to buy German renewables developer VSB Group from Swiss asset manager Partners …

Leave a Reply

Your email address will not be published. Required fields are marked *