That would be Petrobras' smallest five-year capital budget since 2006 and 16% less than the Rio de Janeiro-based company's 2015-2019 plan revised in January. Petrobras' said last week that its board of directors on Monday would "appreciate" the plan, under development since June. If approved, Petrobras is expected to release the plan immediately. "The company will have to cut enough to show it's being realistic, but not so much that its future output falls too far." Some analysts also expect Petrobras' to cut asset sale plans after success in refinancing short-term debt and after a strengthening Brazilian currency reduced the cost of Petrobras debt, most of it in dollars.

Source: The Edge Markets September 19, 2016 14:26 UTC