March 23, 2020 / 7:53 AM / 5 days ago

Aker BP cuts 2020 spending by 20% due coronavirus

OSLO, March 23 (Reuters) - Norwegian independent oil firm Aker BP will postpone non-sanctioned projects and cut its planned 2020 capital and exploration spending by 20% due to the coronavirus but maintains its production guidance, it said on Monday.

Capital spending for this year would be reduced to $1.2 billion and exploration spending to $400 million, while the company also aimed to cut production costs by around 20% by postponing all non-critical activities, it added. (Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)

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