The Americas

Brazil's Petrobras reduces production, investment targets

Brazil's state-owned oil company has reduced its production targets and investments plans amid a drop in oil prices and a massive corruption scandal.

Petrobras says in a statement released Tuesday night it will invest $98.4 billion between 2015 and 2019. This is almost 24 percent less than its original investment target of $130 billion announced last year.

Petrobras cut its production target for 2020 by 3.6 percent to 2.7 million barrels a day.

Besides the drop in oil prices, Petrobras is the focus of an investigation in which prosecutors allege that over $2 billion was paid in bribes by businessmen to obtain Petrobras contracts. These projects then ballooned in costs. Investigators also have said that some of the money made its way to the governing Workers' Party.