North American oil and gas producers have cut capital spending by about 30% on average, data compiled by Reuters showed. Norwegian Aker BP will postpone non-sanctioned projects to cut its planned 2020 capital and exploration spending by 20% due to the coronavirus but maintains its production guidance. Capital spending for this year would be reduced to $1.2 billion and exploration spending to $400 million, while in 2021-2022 it expects capital spending to be “well below” $1 billion. …read more
Source:: Yahoo Finance
