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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
