Angola’s State Oil Firm Saves $1.7 Bln After Spending Cuts

By Tiisetso Motsoeneng

Cars are seen in front of the head office of Angola's state oil company Sonangol in the capital Luanda, Angola. REUTERS/Ed Cropley
Cars are seen in front of the head office of Angola’s state oil company Sonangol in the capital Luanda, Angola. REUTERS/Ed Cropley

Angola’s state-owned oil company Sonangol said on Friday it had saved $1.7 billion thanks to spending cuts since 2014 in response to lower crude prices.

Oil companies across the world have made steep cuts to their annual capital expenditure over the last three years to cope with a slump in oil prices.

Sonangol said in a statement production costs per barrel had nearly halved since 2014 and other cost cutting measure had helped it save $1.7 billion this year.

Angola is Africa’s second-largest oil exporter, behind Nigeria.

(Editing by Ralph Boulton)

Source: af.reuters.com

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