Petrobras cuts five-year investment plan by 25 pct to $98.4 bln
SAO PAULO Jan 12 (Reuters) - Petróleo Brasileiro SA , Brazil's state-controlled oil producer, has cut planned investments by 25 percent for the 2015-2019 period to $98.4 billion, the lowest in years, to account for a weaker currency and declining cash generation.
In a securities filing, the company known as Petrobras said that 81 percent of the planned capital spending, or $80 billion, would go to exploration and production investments.
The lower spending would trim its output goal projection for this year to 2.145 million barrels of oil a day from a prior target of 2.185 million, the filing said. (Reporting by Guillermo Parra-Bernal; editing by Jason Neely)
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