Because of Corona .. “BP” cuts capital spending by 3 billion dollars


Source: London – Reuters

BP announced that it has reduced the capital spending plan by 25% and will reduce production of its oil and shale gas activities in the United States, in the face of the recent collapse of oil prices, due to the Corona virus.

London-based British Petroleum added that it is currently planning to spend $ 12 billion this year, down from $ 15 billion.

This would include a $ 1 billion reduction in investment in its activities in the oil and shale gas sector known as BPX, where it could switch between stopping and resuming production at a relatively rapid pace.

BPX production will drop by about 70,000 barrels of oil equivalent per day in 2020.

BP’s overall oil and gas production is also expected to decline.


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