March 17, 2020 / 9:40 PM / 16 days ago

UPDATE 1-Brazil's Petrobras may adjust five-year business plan -source

(Adds details, background on business plan)

RIO DE JANEIRO, March 17 (Reuters) - Brazil’s state oil firm Petrobras is evaluating a short-term adjustment to its five-year business plan, as it confronts rock bottom oil prices and the global coronavirus outbreak, according to a source with direct knowledge of the matter.

“We’re looking at the need to adjust the plan in the short-term, but in the medium-term, we think the situation will normalize,” said the source, who requested anonymity to disclose private discussions.

Petroleo Brasileiro SA, as the firm is formally known, did not immediately respond to a request for comment.

The source added that Brent crude could recover by the end of the year to around $50-60 per barrel.

The current Petrobras business plan calls for $20 billion to $30 billion of divestments from 2020 through 2024, with most of those sales coming in 2020 and 2021. (Reporting by Rodrigo Viga Gaier Writing by Gram Slattery; Editing by Brad Haynes and Tom Brown)

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