Petrobras has unveiled plans to slash operating costs by $2.5billion to $7.5billion next year in the face of flagging output and the first loss for 13 years.
CEO Maria das Gracas Foster warned on October 18 that about $98.16billion was spent last year on operating expenses and goods and that some $31.57billion of that is manageable costs that could be saved. She said 28 areas have been identified where cost cutting is possible.
In August, Petrobras production dropped to a 22-month low and the company posted a loss of some $665.94million.