May 18, 2018 / 1:05 PM / a year ago

Petrobras CEO sees possible rise in capital spending -report

SAO PAULO, May 18 (Reuters) - Brazil’s Petroleo Brasileiro SA may raise its capital expenditure program depending on the results of Brazil’s next round of offshore oil auctions in June, Chief Executive Pedro Parente said in an interview with Valor Economico.

Depending on the auction results, Petrobras could need to boost its exploration budget for the coming years, he was quoted as saying by the Brazilian newspaper. Rising oil prices could also lead to a boost in capex, he said.

Still, the Petrobras CEO said any investment boost would be at the margins, without any “structural change in investment levels.”

Parente also said the company expects to announce a new debt reduction target for 2019 by the beginning of August, while a revised business plan will be released by the end of the year. (Reporting by Carolina Mandl Editing by Paul Simao)

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