Petroleo Brasileiro SA (PBR) isn't cutting its planned investment in new oil production despite the growing economic uncertainty, said the company's Chief Executive Jose Sergio Gabrielli de Azevedo Tuesday.
Petroleo Brasileiro SA (PBR) isn't cutting its planned investment in new oil production despite the growing economic uncertainty, said the company's Chief Executive Jose Sergio Gabrielli de Azevedo Tuesday.

Total investment in 2011 has been below the level anticipated earlier in the year due to unforeseen delays in receiving permits and constructing drilling rigs, but, "the slowdown has nothing to do with macro-economics," Gabrielli told reporters on the sidelines of the Oil and Money conference in London .

Petrobras has good liquidity and has no current plans to issue new debt, said Chief Financial Officer Almir Barbassa.

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