Brazil's state oil giant Petrobras on Monday slashed its five-year investment plan by 37 percent as part of efforts to recover from a massive corruption scandal.

The cuts to the 2015-2019 plan will reduce Petrobras's investment spending over the period to $130.3 billion dollars, the company said.

"Investments have been reduced by 37 percent compared to the preceding plan," it said in a statement.

Petrobras has been reeling from a kickback and political payoffs scandal that has cost the company more than $2 billion.