#Qatar Petroleum to slash spending by 30%: CEO - Reuters

Qatar Petroleum to slash spending by 30%: CEO - Reuters:

Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.

Speaking during a webcast organised by the U.S-Qatar Business Council, Saad al-Kaabi however said that plans to sharply expand Qatar Petroleum’s liquefied natural gas (LNG) capacity by the middle of the decade remain on track.

“We are going through budget revisions... In June we will be somewhere in the range of 30% reduction in expenditure, capex and opex,” Kaabi said.

The world’s top oil and gas companies sharply reduced spending in the wake of an unprecedented collapse in oil consumption triggered by travel restrictions governments around the world imposed to contain the coronavirus epidemic.