Brazil's state-owned oil and gas giant Petrobras unveiled a plan Wednesday to slash costs by 15.4 billion U.S. dollars in the coming three years.

The Operating Costs Optimization Program, also known as Procop, is part of the company's business plan for the 2013-2016 period, Petrobras said in a statement.

The cost reduction potential is going to be gradually and progressively attained starting in 2013 and will allow the company to lower its operating costs by 15.4 billion dollars, it said.

The company had already started implementing the plan, it said.

Petrobras said it would strive to increase cash flow, boost productivity and further promote a cost-efficient management model. Endi

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