Brazil’s Petrobras said on Thursday it will cut about one in five management jobs, streamline operations and boost oversight as the state-led oil company adapts to low oil prices and tries to boost confidence after a corruption scandal.
The measures will save Petrobras, formally known as Petroleo Brasileiro SA, about 1.8 billion reais per year ($442 million), Chief Executive Officer Aldemir Bendine said.
Bendine and Petrobras are struggling with a nearly 50 percent decline in the price of oil in the past eight months, complicating efforts to finance investments and pay down nearly $130 billion in debt, one of the largest of any non-financial company.
“This will involve a very big change in company culture but I’m very satisfied with the model,” Bendine told reporters in Rio de Janeiro. “The company will have a less fragmented structure and become a more integrated system.”
Management cutbacks are limited to non-operational administrators, including 14 senior executives. They will not, though, involve any actual job cuts.
Brazil Energy Insight 
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