London — Qatar Petroleum will slash its spending and operating costs by around 30% this year, its Chief Executive said on Thursday, adding that he expected a lengthy recovery in the oil and gas markets.
Qatar Petroleum, the world’s largest liquefied natural gas (LNG) producer, will nevertheless push ahead with plans to sharply expand its output by 2024, Saad al-Kaabi told a webcast organised by the U.S-Qatar Business Council.
“We are going through budget revisions… In June we will be somewhere in the range in 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 the collapse in fuel prices which was triggered by the coronavirus epidemic in recent months.
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