Exclusive: Petrobras to cut investments 20 pct in new 5-year plan – source

Thu Apr 16, 2015 3:20pm EDT

Exclusive: Petrobras to cut investments 20 pct in new 5-year plan – source

RIO DE JANEIRO

(Reuters) – Brazil’s state-run oil company Petrobras is planning to cut investments by around 20 percent in a 2015-2019 business plan to be announced next month, compared to its last five-year plan, a source with knowledge of the situation said on Thursday.

Petroleo Brasileiro SA, as the company is formally known, announced $221 billion of capital spending in the 2014-2018 business plan laid out in February 2014.

Petrobras, market regulators and PricewaterhouseCoopers Plc are “making progress” on a plan to publish audited 2014 results on April 22, the source told Reuters on the condition of anonymity.

(Reporting by Rodrigo Viga Gaier; Editing by Chris Reese)