Petrobras might delay E&P projects to meet smaller budget - executive

RIO DE JANEIRO (Reuters) - State-run oil company Petroleo Brasileiro SA is looking at delaying exploration and production projects in order to keep spending within the limits of a new smaller budget, a company executive said on Wednesday.

Petrobras is also studying a plan to require companies that lease it drilling and other offshore oil vessels to reduce their costs in exchange for contract renewals, Cristina Pinho, executive of exploration and production services, said at an event in Rio de Janeiro.

(Reporting by Marta Nogueira; Writing by Stephen Eisenhammer; Editing by Meredith Mazzilli)