Brazil's state-run Petrobras plans to shut down onshore drilling rigs in at least six states because of the low price of oil, newspaper Valor Economico reported on Feb. 23, citing a source with knowledge of the operations.

The paper said Petrobras would suspend rig operations and other equipment in the states of Espirito Santo, Bahia, Sergipe, Alagoas, Rio Grande do Norte and Ceará.

Petrobras is struggling to bring down its debt and has already pared back over the past year its massive five-year investment plan by nearly a quarter to $98 billion.

The source said the cuts in exploration in these states would "eventually affect production," Valor reported.

The company told Reuters in an email on Feb. 22 that it was trimming back its drilling operations in Bahia but did not elaborate on other states.

Petrobras representatives could not confirm or deny the report and were unable to provide further information on the morning of Feb. 23.