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Faced with the challenge of developing massive offshore reserves at home, Brazil's state energy company will scale back its aggressive drilling campaign abroad, a Petrobras official said Thursday.
"What you are not going to see is us drilling aggressively outside of Brazil," said Gustavo Barbosa, chief financial officer of Petrobras Americas, at the Brazilian American Chamber of Commerce in New York.
International operations are allotted 9% of total capital spending in Petrobras's 2009-13 business plan.
In January, the company revised its business plan to reflect additional spending allocated to the offshore subsalt reserves but left international spending steady at $16 billion.
Petrobras plans to invest $174 billion over the next...