Brazil's Petrobras cuts down 2017-2021 investment by 25%

The new 2017-2021 Business and Management Plan, released today (Sep. 20) by Brazilian state-controlled oil giant Petrobras, reports smaller investments for the next five years, which should amount to $74.1 billion—down 25% from the previous plan (2015-2019), revised in January this year, with investments totaling $98.4 billion.

The new business plan was approved by the company's management board yesterday (19) and announced to the market Tuesday (20).

Since Graça Foster's administration, from February 2012 to February 2015, investments have plunged with every plan revision.

Translated by Fabrício Ferreira