Petrobras lowers capex budget
Brazilian company re-evaluates spending strategy while focusing on divestment
Petrobras, the Brazilian state-owned oil company, has revised down its capital expenditure budget for the year. The firm will now allocate only $10-11bn in capex across 2019, downgrading from $16bn. Petrobras invested $4.9bn over the first two quarters of the year, with 83pc assigned to its exploration and production business. The firm's CFO Andrea Almeida said several factors had a role in the reduction. The joint development of reservoirs across licence or contract areas—field unitisation—has led to savings of around $1bn. Postponements of investments, including drilling completion, interconnections of gas lines and scheduled stops in refineries and platforms, further reduced outlay by $1.
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
