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.


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