Brazil’s Petrobras said on Monday that it will reduce its 2012 capital spending by 16% year on year to $32 billion, with 59% of that allocated to upstream investments. Petrobras is coming under financial pressure as it looks to develop vast oil and gas reserves in Brazil’s ultra-deepwater pre-salt areas, and new CEO Maria das Graças Foster is currently involved in drafting the company’s updated spending plan for 2012-2016.
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