May 8, 2020 / 7:20 AM / 25 days ago

Exxon pursues cost-cuts at Russia's Sakhalin-1 project

MOSCOW, May 8 (Reuters) - Exxon Neftegaz Ltd said on Friday it was adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far-eastern Russia as it moved to cut spending in response to the coronavirus and weak oil prices.

It declined to give further details.

“ENL, as Sakhalin-1 operator, is looking to reduce spending in response to market conditions, and evaluating all appropriate steps to reduce capital and operating expenses in the near term,” it said in emailed comments to Reuters.

“We are not commenting on the status of individual projects at this time.” (Reporting by Vladimir Soldatkin; Editing by Jan Harvey)

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