Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
Brazil looks to solve its energy security travails
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken
Brazil rides a production wave
Latin America’s largest economy expects big uptick in crude this year with the imminent arrival of several FPSOs
Hydrocarbon Processing Refining Databook 2025: Americas
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
Latin America’s evolving crude outlook
New supply from Argentina, Brazil and Guyana is rich in middle distillates, but optimism in terms of volume growth remains tempered by regulatory and technical risks as well as price volatility
Brazil awaits contentious Equatorial Margin call
Political rancour is rising as politicians appeal for environmental licence to explore the mouth of the Amazon
Brazil seeks greater oil market influence
Despite environmental criticism, President Lula sees opportunity to build bridges with OPEC+ allies
Brazilian upstream enjoys bumper year
Soaring pre-salt production sees Latin America’s largest country pull away from the local competition
Rise of Brics challenges oil world order
The five economies are shaking up global markets, and they could be on the cusp of a major break from the existing order
Petrobras faces another period of uncertainty
Investors are wary about government intervention as the NOC welcomes its latest CEO
Brazilian indies enter rapid production growth phase
M&A activity may have slowed in recent months, but turbocharging production is the new goal for the country’s emerging independents
Brazil Petrobras
Charles Waine
18 September 2020
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Petrobras pulls back spending

Spotlight falls on pre-salt production as Latin American NOC dials down capex

Brazilian state-owned oil company Petrobras has downgraded its five-year upstream spending programme. The firm in September cut $14-24bn from an earlier capex budget of $64bn after reviewing the economic impact of the downturn on its portfolio. Lowering gross debt has been a key priority for Petrobras since it peaked at over $100bn in 2015. Over the past four years, austerity measures and an aggressive divestment strategy have slashed $39bn from the company’s debt obligations. And it plans to reach an ambitious gross debt target of $60bn by 2022—a 34pc reduction from last year. But debt has again started to rise this year. Petrobras added another $4bn to gross debt over the first two quarter

Also in this section
Countdown to Mozambique LNG restart
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
China creates two-tier oil dynamic
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search