Petrobras Cuts $1.1B in Spending on Platform Decommissioning Plans [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Yahoo! Finance
The company recently announced a reduction of $1.1 billion in its planned investment for platform decommissioning in the 2025-2029 period, according to Reuters. This cut brings PBR's estimated spending down to $9.9 billion compared with more than $11 billion initially earmarked in its earlier 2024-2028 plan. This reduction marks a major shift in the company's approach to decommissioning, which could have broader implications for its long-term strategies in offshore energy production. In the revised plan, PBR now aims to decommission just 10 floating platforms by 2029. This represents a significant reduction from the 23 platforms originally planned for decommissioning in the 2024-2028 period. The change is notable as it signals a shift in Petrobras' operational priorities and financial strategies. The 10 platforms slated for decommissioning include seven in Brazil's Campos basin, one in the Santos basin and two in the Espírito Santo basin. This move to scale down the decommission
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