Petrobras offers buyouts to some workers as it aims to cut costs

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR +0.6%) says it will offer voluntary buyouts to some workers as it attempts to boost productivity and cut costs.

The buyouts should help PBR reduce costs as the company spends $237B through 2017 to develop oil fields; PBR has seen its debt more than quadruple to $86.5B as it borrows heavily to finance the spending.

The move also could represent an effort by Brazil's government to reduce spending, which likely contributed to above-target 5.9% inflation by the end of 2013.