Petrobras pulls back spending
Spotlight falls on pre-salt production as Latin American NOC dials down capex
Brazilian state-owned oil company Petrobras has downgraded its five-year upstream spending programme. The firm in September cut $14-24bn from an earlier capex budget of $64bn after reviewing the economic impact of the downturn on its portfolio. Lowering gross debt has been a key priority for Petrobras since it peaked at over $100bn in 2015. Over the past four years, austerity measures and an aggressive divestment strategy have slashed $39bn from the company’s debt obligations. And it plans to reach an ambitious gross debt target of $60bn by 2022—a 34pc reduction from last year. But debt has again started to rise this year. Petrobras added another $4bn to gross debt over the first two quarter
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
