The plan approved by Brazilian state-controlled oil giant Petrobras last July to reduce investment in some areas could affect foreign projects and lead to problems with neighboring countries, Andre Garcez Ghirardi, an adviser to Petrobras's CEO, said.

"We have instructions to disinvest, including in the international area ... That has a direct impact on our neighbors," Ghirardi said during a seminar Monday organized by the Alexandre Gusmao Foundation in Rio de Janeiro.

Petrobras's business plan calls for trimming nearly $14 billion in investment, posing potential conflicts, but the cuts will be "worked on and make sense," the executive told the official Agencia Estado.

Some countries in Latin America have high expectations for Petrobras, but the company lacks the resources to address every demand, Ghirardi said.

"In light of the gigantic dimensions of the pre-salt (reserves in the deepwater Atlantic) and the investment plan, the false impression exists that Petrobras has surplus resources to promote the local petroleum industries. The reality is very different," the executive said.

An example of Petrobras participating in a project outside Brazil's borders is its possible role in a pipeline in Peru's Andean region that would be used to transport gas, Ghirardi said.

The gas pipeline is still in the study phase, as is possible investment by Petrobras in Bolivia, the executive said.

Petrobras approved its 2011-2015 business plan last July, outlining total investment of $224.7 billion.

The business plan calls for investment cuts totaling $13.6 billion to achieve "greater profitability and efficiency in the management of the company's assets."

Petrobras CFO Almir Barbassa told Efe after the business plan's release that it was still undecided which foreign assets would be included in the disinvestment plan.