Petrobras to invest $19 billion, has cash for two-and-a-half years: executives

Petróleo Brasileiro SA expects to spend 30 percent more in exploration, production and refining projects this year, signaling that efforts to cut debt and preserve cash are helping Brazil’s state-controlled oil company regain investment capacity.

Chief Executive Officer Pedro Parente told reporters at an event in Rio de Janeiro that capital spending at Petrobras (PETR4.SA) could rise to $19 billion in 2017 from $14.6 billion in 2016. Investments could be maintained around those levels in coming years if Petrobras sticks to strict fuel pricing and preserves cash, he said.

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