Petrobras Trims Five-Year Plan to $109 Billion

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Brazilian oil major Petrobras announced a 2% decrease in its next five-year investment plan to $109 billion in a move to shield its cash flow at a time of lower international oil prices.
Petroleo Brasileiro SA, as it is formally known, will direct $91 billion of the total capital expenditure to projects under implementation, of which $10 billion will still need budget confirmation subject to a financing analysis. The rest is still under analysis “with a lower degree of maturity,” it said in a filing on Thursday.