Petrobras projects halted amid crisis, falling oil prices

18 November 2008 @ 05:59 pm EDT

Some Petrobras projects linked to exploration and production will be postponed because of falling oil prices and the global economic crisis, a top company manager said on Tuesday.

Jose Jorge de Moraes, Petrobras' Exploration and Production General Manager said that projects on production research and increase production in active oil fields. Pre-salt layer projects will not be affected.

"These adjustments are needed and will happen," he said.

Meanwhile Moraes said that the company's production curve will not be compromised by the adjustments. He emphasized that light petroleum projects, of higher value in the market, are gaining priority in Petrobras' portfolio.

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