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Petrobras Cuts Long Term CapEx by 25 pct

Posted by September 20, 2016

Brazil's state-controlled oil company Petroleo Brasileiro SA said on Tuesday that it plans to invest $74.1 billion under a new 2017-2021 investment plan, 25 percent less than it budgeted under its previous five-year plan.

The financially troubled company also said it plans to produce 2.77 million barrels a day of crude oil in Brazil in 2021 and have total domestic and international oil and natural gas production of 3.41 million barrels a day.

Reporting by Jeb Blount

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