Petrobas CEO Parente Sees Oil Between $50, $55 in 2017

The transcript discusses oil price forecasts for 2017 and 2020-2021, focusing on deepwater drilling costs and break-even points. It highlights productivity improvements and cost reductions in oil production, emphasizing the impact of currency fluctuations and equipment cost management. The discussion also covers future cost projections and initiatives aimed at further reducing costs, such as the '35 initiative'.

What factors have contributed to the reduction in costs for oil production?

What initiative is mentioned that aims to lower the break-even price further?