TNK-BP cuts 2009 capex budget 25% to $3.3 billion

摘要

Moscow-Anglo-Russian oil major TNK-BP has cut its 2009 capital expenditure by more than $1 billion to $3.3 billion, the company said December 11, as the board of directors approved the company's business plan for 2009, with the oil output forecast to be broadly flat on the year. Planned capex for 2008 was $4.4 billion, and in late November TNK-BP Vice President Alexander Kaplan said the company expected to make significant cuts to its capital expenditure budget in 2009 amid the ongoing financial crisis.