STATOIL CUTS $2 BLN
Statoil ASA has reduced its organic capital expenditure to $18 billion in 2015 from $20 billion in 2014. The move comes on the heels of a fourth quarter in which the Norwegian multinational firm reported net losses of $1.18 billion, compared with a $1.98-billion gain in fourth-quarter 2013.
The company has increased its improvement program by 30% to $1.7 billion/year from 2016, and expects organic production growth of 2% to 2016 and 3% from 2016 to 2018.
"Through our significant flexibility in our investment program we are well prepared for continuous market weakness and uncertainty," commented Eldar Saetre,…
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.