Petrobras cuts 5-year spending plan; sees stable output post 2020
RIO DE JANEIRO Feb 25 (Reuters) - Brazil's state-run oil company, Petroleo Brasileiro SA, cut its five-year investment outlook for the 2014-2018 period to $221 billion, 6.8 percent less than its previous 2013-2017 plan, it said in a statement.
Petrobras, as the company is known, said production with partners will more than double by 2020 and average about 5.2 million barrels a day of oil and natural gas for the following decade under a strategic plan ending in 2030.
Petrobras said it plans to increase refining capacity to about 3.9 million barrels a day by 2030 under the plan. (Reporting by Jeb Blount, Walter Brandimarte and Paulo Prada. Editing by Andre Grenon)
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