May 12, 2017 / 3:12 PM / in 2 months

Petrobras trims 2017 capex budget on cost savings, license delays

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SAO PAULO, May 12 (Reuters) - Petroleo Brasileiro SA has lowered its capital spending forecast for 2017 by $3 billion due to licensing delays, more efficient investments and postponed payment on some contracts, executives told analysts on a Friday conference call.

The state-controlled Brazilian oil company, known as Petrobras, is more wary about contracting new drillships given the improving efficiency of its exploration and production activity, executives said. (Reporting by Brad Haynes; Editing by Daniel Flynn)

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