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Petrobras reported on Wednesday (01) that, due to the contraction in the demand for oil and derivatives, it has decided to adopt new measures that include a reduction in oil production, postponement of cash disbursement, and cost reduction.
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On April 1, 2020, Petrobras reduced its oil production by 200,000 barrels per day, a volume that includes the reduction announced by Petrobras at the end of March, when the company stated it would reduce a total of 100,000 bpd of its oil production by the end of March, due to excess supply of this product in the international market and the decrease in global demand for oil caused by the impact of COVID-19.
In determining the fields that will have their production reduced, Petrobras will take into account the market and operational conditions. The duration of the restriction, as well as possible increases or decreases, will be assessed continuously.
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The company is also adjusting oil processing at its refineries, aligned with the demand for derivatives.
As part of the actions to achieve the already announced reduction of US $2 billion in 2020 in operational expenses, there have been additional decisions to save around R $700 million (US $134.5 million) in personnel expenses.
This includes postponing the payment of 10% to 30% of the monthly remuneration of other employees in managerial positions (managers, coordinators, consultants, and supervisors); temporary shift changes and on-call shifts for administrative work for about 3,200 employees; and a temporary reduction in working hours from 8 hours to 6 hours for around 21,000 employees.
Transpetro, a subsidiary of Petrobras, has also approved a resilience plan, which includes measures to reduce its cost structure, both for operational expenses and investments, postponing or optimizing disbursements, totaling R $507 million (US $97.5 million) in 2020.
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