Aker BP updates its investment program
Aker BP is updating its investment program and financial framework in order to secure additional financial optionality in response to the high uncertainty caused by the COVID-19 crisis. The main changes to Aker BP’s investment program are: · Non-sanctioned field development projects are put on hold. For 2020, this represents a capex reduction of 20 percent compared to previous guidance. For 2021-22 the initial estimate is a reduction in capital spend of USD 1-2 billion · Exploration spending is reduced by 20 percent in 2020, with further significant reductions planned for 2021-