Brazil's Petrobras chops 1992 capital budget

Journal Article · Mon Jul 06 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:7310479

This paper reports that Brazil's state owned Petroleos Brasileiro SA has slashed its 1992 capital budget by more than half for lack of adequate cash flow. Petrobras Pres. Benedicto Moreira last week disclosed the cut, to $1.4 billion from $2.9 billion earmarked earlier, citing cash flow problems stemming from heavy subsidies for domestic products. Petrobras Association of Engineers (Aepet) disputes the latest amount, claiming without elaboration the state company actually is cutting the current budget to $1 billion. At either level, the severe budget cut bodes ill for Petrobras plans to boost domestic production by a net 300,000 b/d to 1 million b/d by 1995, an ambitious program that calls for outlays of $18 billion.

• OSTI ID: 7310479
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:27; ISSN 0030-1388; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
BRAZIL
DEVELOPING COUNTRIES
ECONOMIC DEVELOPMENT
INDUSTRY
LATIN AMERICA
PETROLEUM INDUSTRY
PLANNING
PRODUCTIVITY
SOUTH AMERICA