Brazilian Petrobras plans to cut operating costs to $ 8.1 billion by 2023

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The state-controlled Brazilian oil company Petrobras has announced plans to cut operating costs by $ 8.1 billion in the period from 2019 to 2023, the company said.

Petrobras said it aims to economize on spending, mainly by cutting staff-related expenses and spending on advertising and office space.

The company will launch a voluntary layoff plan.

The company indicated that the proposed reduction in operating costs would reduce provisions in the Business Plan 2019-2023, originally estimated at $ 122.6 billion for the five-year plan.

Adding that it plans to sell some mature oil fields in Brazil.