Gulf Oil and Gas accountACCOUNT

Petrobras to Cut Staff, Aims to Save $442m A Year

Source: Reuters 1/28/2016, Location: South America

Petroleo Brasileiro SA will cut staff and restructure management to adapt to dwindling oil prices and prioritize high-yield projects, the state-controlled oil producer said in a statement.

Managerial staff will be cut by at least 30 percent in non-operational areas, with an estimated cost reduction of about 1.8 billion reais per year ($442 million), Petrobras said.

Two company sources had told Reuters that job cuts would be announced.

Petrobras is in the midst of curbing investments and trying to sell assets to pay down its debt load and adjust to a lower oil price.

Brent crude oil traded at $33.56 a barrel on Thursday, less a third of its price in 2014.

Financials and Investment News in Brazil >>

Morocco >>  5/22/2019 - Sound Energy, the Moroccan focused upstream gas company, is pleased to provide an update on its strategy and operations. ...
Georgia >>  5/17/2019 - AIM-listed Block Energy, the exploration and production company focused on the Republic of Georgia, has completed a placing of 109,090,000 new Ordinar...

Saudi Arabia >>  5/17/2019 - Marubeni Corporation (hereinafter “Marubeni”) is pleased to announce that in April 2019, Shuqaiq Three Company For Water, owned by Marubeni, Acciona ...
South Korea >>  5/17/2019 - EnscoRowan has announced that an arbitration tribunal has awarded the Company $180 million in damages in its proceedings againstSamsung Heavy Industri...

United States >>  5/14/2019 - TGS-NOPEC Geophysical Company has announced that reflective of the Company’s strong financial and liquidity position and improving market outlook, the...
United States >>  5/10/2019 - Atlantica Tender Drilling Limited has received credit approvals from a syndicate of new and existing lenders for a new 4-year USD 100 million first li...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Brazil Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.