Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Petrobras Targets Cost Cuts of $15.4 Billion by 2016

Petroleo Brasileiro SA, the world’s most indebted publicly traded oil company, plans to cut operating costs by 32 billion reais ($15.4 billion) between 2013 and 2016 as it ramps up offshore crude reserve investments.

Lowering fuel consumption at offshore production platforms and reducing chemicals consumption at refineries are among measures to be put in place, the Rio de Janeiro-based producer said today in a regulatory filing.

Petrobras will seek to “increase the productivity of the company’s operational processes,” it said in the filing.

Petrobras’s short and long-term debt totals $92 billion, more than any other publicly traded oil company, according to data compiled by Bloomberg. The company plans to invest $236 billion between 2012 and 2016, with the majority earmarked for exploration and production as it seeks to develop the largest offshore oil discoveries in the Americas since 1976.

Since becoming chief executive officer in February, Maria das Gracas Silva Foster required company divisions to make financial revisions, unveiled a $14.8 billion divestment plan and created a program to increase production efficiency at the offshore Campos Basin -- the company’s main basin.

Petrobras rose 3.8 percent to close at 20.93 reais in Sao Paulo, the highest since Nov. 7.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.