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Enquest cuts 2015 capex programme as lower crude oil prices weigh

Reuters - UK Focus

Jan 23 (Reuters) - Enquest Plc (LSE: ENQ.L - news) cut its capital expenditure programme for 2015 as the oil and gas producer responds to the slump in crude oil prices.

Enquest expects 2015 production of about 33,000 to 36,000 barrels of oil equivalent per day (boepd), up from the provisional production of 28,267 boepd for 2014.

The company cut its 2015 total group cash expenditure programme to be about $600 million and said it was working with its contractors and supply chain to achieve cost savings.

Enquest had earlier set capital expenditure in the UK of $700 million to $800 million for this year. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Gopakumar Warrier)