Petrobras approves redundancy program targeting 1,100 workers

Brazilian state-run oil firm Petrobras PETR3 said on Monday that its board of directors has approved a new voluntary redundancy program targeting about 1,100 people.

"The financial impact will be recognized in the financial statements as participation in the program becomes effective," Petrobras said in a securities filing, adding that the terminations are expected to happen throughout 2026.

Reuters had reported on Petrobras' plan in October, citing sources.