Petrobas said it has saved around $1billion in cost savings, design optimisation and productivity gains since it launched its Well Cost Reduction Programme in 2013.
The company said these savings are expected to increase further as growing numbers of production development wells are constructed in pre-salt areas.
Savings made in 2013 were $344 million, rising to US$1 billion by the end of 2014.
The Well Cost Reduction Program is composed of 23 different initiatives: four designed to reduce unit costs, six to optimize designs, and 13 to improve productivity.
A spokesman said unit cost reduction initiatives include the use of simpler, lower cost vessels to replace drilling rigs in some activities, such as the installation of cabling equipment.
The company has also increased the efficiency and availability of the fleet of floating rigs.
Last year the company improved its performance by 2% generating a saving of $115 million during the year.
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