British BP plans to cut spending in 2017 by 25%

Baku. 21 December. REPORT.AZ/ British oil giant BP plans to cut its capital expenditures in 2017 from 22.9 bln USD in 2014 to 17-19 bln USD, or about 17-25%.Report informs, it is stated in the company's medium-term forecast.

Expenditure on exploration and production is expected to reach 15-16 billion dollars against 19 bln USD in 2014.

In the area of marketing and processing, as well as in other areas of the company it is expected to reduce costs up to 2-3 billion dollars from 3.9 billion dollars in 2014.

Adjustable cash costs will be reduced by about 6 bln USD by 2017.

Non-operating expenses planned shift closer to the mark of 2.5 bln USD by the end of 2016.

BP - the British company, which is among the six largest oil corporations in the world, founded in 1909.