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Petrobras trims 2017 capex budget on cost savings, license delays

SAO PAULO May 12 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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