Petrobras to Cut $8.1b in Operational Costs

Brazil’s state-controlled oil company Petroleo Brasileiro SA, or Petrobras, announced plans to cut $8.1 billion from its operational costs in the period from 2019 through 2023, according to a securities filing released on Friday.
Petrobras said it intends to reach that economy on costs mainly with reductions in expenses with employees—it will launch a voluntary lay-off plan soon—and with lower expenditures in advertisement and office spaces, Reuters reported.
The company said the proposed cuts on operational costs will reduce that allocation in its 2019-2023 business plan, which originally estimated those costs at $122.6 billion for the 5-year plan.
It also said it plans to sell some mature oil fields in Brazil, a small addition to its divestment program.