SAO PAULO (Reuters) – Petróleo Brasileiro SA (PETR4.SA), Brazil’s state-controlled oil producer, has cut planned investments by 25 percent for the 2015-2019 period to $ 98.4 billion (74 billion pound), the lowest in years, to account for a weaker currency and declining cash generation.
In a securities filing, the company known as Petrobras (PBR.N) said that 81 percent of the planned capital spending, or $ 80 billion, would go to exploration and production investments.
The lower spending would trim its output goal projection for this year to 2.145 million barrels of oil a day from a prior target of 2.185 million, the filing said.
(Reporting by Guillermo Parra-Bernal; editing by Jason Neely)
