Petrobras To Reduce Mountain Of Debt, To Focus On Deepwater Oil

Petrobras’ administration board has approved an update to its plan for the next five years that is expected to call for the state-run oil and gas company to dump its gas distribution and transport business, its fertilizer business, and its LPG and biodiesel business, according to media reports. Instead, Petrobras will focus on two things in the coming years: shrinking its debt load and deep water—and ultradeep water—oil exploration and production. It hopes to reduce its debt load in part by increasing productivity and lowering…