This excerpt taken from the PBR 6-K filed Jan 19, 2007.
Relevant reductions - Project exclusions, changes to the business model (Nova Transportadora do Sudeste - NTS), and scope changes.
Relevant additions - Pasadena refinery and new E&P projects in Latin America, Turkey, and Angola, among others.
Relevant reductions - Project exclusions in Nigeria, in the USA, Argentina, and others.
The changes made to the 2007 budget treat strategic project priorization realistically striving to optimize the portfolio and to incorporate costs raises in the sectors input and basic material supply chain in order for it to be possible to achieve the goals set forth by the Business Plan in a profitable manner and to maximize the companys value.