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2015-10-07 19:15:00

PETROBRAS CUTS BUDGET $3 BLN

PETROBRAS CUTS BUDGET $3 BLN

Petroleo Brasileiro SA (Petrobras) reported further cuts to its capital budget, reducing planned spending for 2015 by $3 billion to $25 billion and by $8 billion to $19 billion for 2016. The company cited low crude oil prices and unfavorable exchange rates.

Petrobras maintains a divestment target of $15.1 billion for 2015-16, with $700 million in 2015 and $14.4 billion in 2016. Average oil production targets are unchanged at 2.125 million b/d in 2015 and 2.185 million b/d in 2016.

"As recently as 2 years ago, capital spending was running at over $40 billion," Financial services firm Raymond James & Associates Inc. said in an Oct. 6 energy update. "To be sure, the Brazilian real's depreciation [down 32% year-to-date] plays a key role here, so in local currency terms the change is much smaller than in dollar terms," RJA said.

The analyst noted, however, "All in all, we are surprised by the magnitude of these latest cuts, even though the June business plan already signaled prolonged austerity for the company."

Petrobras in August reported first-half net income of $1.69 billion, down 43% year-over-year. Its second-quarter net income plunged 90% year-over-year to $154 million.

ogj.com

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More: 

PETROBRAS 37% DOWN 

PETROBRAS: MORE CORRUPTION 

PETROBRAS WILL SELL $13.7 BLN 

PETROBRAS CEO RESIGNING 

PETROBRAS CUTS EMISSIONS

 

Tags: PETROBRAS

Chronicle:

PETROBRAS CUTS BUDGET $3 BLN
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

PETROBRAS CUTS BUDGET $3 BLN
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

PETROBRAS CUTS BUDGET $3 BLN
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

PETROBRAS CUTS BUDGET $3 BLN
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QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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