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Brazil's Petrobras cuts investments due to the coronavirus

SAO PAULO, Sept 14 (Reuters) - Brazil's Petrobras said on Monday it had lowered its guidance for capital expenditures regarding oil exploration and production for the next four years because of the coronavirus crisis.

While the state-run company did not provide numbers that were easy to compare, it said in a statement it would spend only $40 billion between 2021 and 2025, compared with an initial estimate of $64 billion for the 2020-2024 period.

Petrobras said the weak Brazilian real had contributed to the lower investment guidance in dollar terms, as well as overall lower Brent crude prices. The company is now focusing on oil projects that will not lose money at a price of $35 a barrel.

About 71% of the investments will go to the Buzios field, a deepwater field in the so-called transfer-of-rights area, which has become increasingly important for Petrobras.

Petrobras is also planning new asset sales due to the coronavirus crisis, part of a wider divestment campaign that seeks to reduce debt. It did not specify which assets it would sell.

(Reporting by Marcelo Rochabrun; Editing by Peter Cooney)