OSLO: Norwegian oil firm DNO will slash its 2015 capital spending by 66 percent and also cut jobs on the back of weaker oil prices, it said on Thursday.
"Decline in oil prices is prompting all oil and gas companies, including DNO, to cut capex and opex," DNO said in a statement ahead of an investor presentation.
The Middle-East focused firm projected a drop in capital expenditures this year to $100 million from $297 million in 2014. Last year its capital spending was primarily driven by capacity expansion and development programs in Iraqi Kurdistan.
The firm also said it will make headcount reductions, some from completion of expansion projects, leading to an annual saving of $20 million from mid-2015.
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