Brazil’s state-owned oil company Petrobras has reduced its five year production targets and investments plans by 25 percent.
The company is currently facing a drop in oil prices and a massive corruption scandal.
Petrobras says it will invest $98.4 billion between 2015 and 2019. This is the second time that the Brazilian firm has announced it will cut expenditure since June last year.
The firm also cut its production target for 2020 by 3.6 percent to 2.7 million barrels a day.
Petrobras is currently the focus of an investigation in which prosecutors allege that over $2 billion was paid in bribes by businessmen to obtain Petrobras contracts.
Investigators also have said that some of the money made its way to the governing Workers’ Party.
Current President Dilma Rousseff and ex-president Lula da Silva were called in for police questioning in relation to the scandal, known as Operation Car Wash. Corruption claims and bribery allegations continue to rock Brazil, with opposition politicians calling for the impeachment of Rousseff as a result of her prior ties to Petrobras.