Brazil’s Oil Giant Slashes Its Five-Year Investment Plan

Brazil’s state energy giant Petrobras has cut its five-year investment plan by 27 percent to $55 billion, driven by the effects of the coronavirus pandemic. Reuters reported, citing a regulatory filing, that the company will focus its efforts on developing deepwater oilfields in the pre-salt zone that is estimated to contain billions of untapped barrels of oil.

The pre-salt fields are Brazil’s main point of attraction for foreign energy firms, too. Of the $55 billion Petrobras plans to spend over the next five years, most will go towards…