- Petrobras’ oil production down by c. 3% y-o-y for Q1-Q3, production targets revised down by up to 1 million b/d by 2020
- Q1-Q3 E&P spending up by 24% y-o-y and cash flow in jeopardy
- 17 new field development projects in the pipeline but may be subject to typical delays
- 10 new Brazilian floater newbuilds by December 2016, but local content and related production capacity constraints may induce further delays
- Moody’s downgrade: Petrobras US$237 billion CAPEX programme (2013-2017) with potential funding gap of c. US$143 billion at risk
by Alexander Wilk // 13 December, 2013
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