Soco Cuts 2015 Investment Budget to Focus on Vietnam, Africa
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)
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