OIL FIRMS SLASH CAPEX, WORK PROGRAMMES ON PRICE CRASH

Oil companies are cutting their capital expenditures (capex) and work programmes for this year as crude oil price remain below $50 per barrel for close to two months, it was learnt.

The implication of these cut downs, according to the Managing Director of Seplat Petroleum Plc, Austin Avuru, is that as the oil firms cut their capex, they are also reducing future oil production.

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