LONDON, Jan 29 (Reuters) - Oil producer Soco International has reduced its 2015 capital expenditure budget by more than 60 percent versus last year and will focus on projects in Vietnam and Africa, the company said.
It also cut its production guidance for this year to reflect weaker output from some of its Vietnamese fields.
"In light of the current oil price environment, Soco's board is in the process of reviewing the company's overall portfolio of assets and carrying values," it said in a trading statement.
Oil companies across the globe are scrambling to cut costs after a 60 percent fall in oil prices in seven months.
(Reporting by Karolin Schaps; editing by Jason Neely)
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you