Norway’s state-owned operator Equinor has given details on its announced capital expenditure (capex) cuts.

Like Total and Chevron before it, Equinor will cut one-fifth of its capital expenditure. This its budget has fallen from $10bn-$11bn to $8.5bn. It has also reduced its exploration budget, from $1.4m to $1m.

Equinor will attempt to reduce operating costs by $700m across 2020. As part of this, drilling and completion projects onshore are being postponed.

CEO Eldar Sætre said: “Our strategy remains firm, and we are now taking actions to further strengthen our resilience in this situation with the spread of the corona virus and low commodity prices.”

The company said it can be cash-flow neutral with average oil prices of $25 per barrel for the rest of the year.

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