Petrobras Tries American-Shale Boys' Tack to Survive Oil Crisis
- Oil producer may borrow as much as $20 bln from banks, market
- Investments fall to half of boom year levels, CEO says
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The head of Brazil’s troubled oil giant is carving a path through the worst oil rout in a generation that would look familiar to producers throughout the U.S. shale patch: focus on the core.
Petroleo Brasileiro SA is preparing to deepen spending cuts and concentrate on its best fields to confront the collapse of crude prices, Chief Executive Officer Aldemir Bendine said Thursday. The state-controlled producer is preparing to increase borrowing to as much as $20 billion next year, he said in an interview from one of the company’s office towers in downtown Rio de Janeiro, where it’s based.