Brazil / Petrobras $15.4 billion costs cutting – Impacts on jobs unknown

Brazil’s state-led oil company Petrobras (PETR4.SA) plans to cut costs by 32 billion reais ($15.4 billion) between 2013 and 2016 to stanch the impact of falling output and rising debt on its ambitious expansion plan.

The plan will focus on 39 areas that accounted for 43 billion reais of spending in 2011 and seek to reduce these costs by about 8 billion reais a year, the company, known as Petrobras, said in a statement released on Wednesday.

Petrobras is seeking to slash costs and increase revenue after a decline in output, a government fuel-price freeze, soaring prices for offshore oil development and rising debt, all put its $235 billion 2012-2016 investment plan, the world’s largest corporate spending program, at risk.

Choosen excerpts by Job Market Monitor from

via Petrobras seeks to cut costs by $15.4 billion | Reuters.