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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.
