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Premier Oil eyes at least $100 mln in capex cuts

Reuters - UK Focus
·1-min read

March 13 (Reuters) - UK oil producer Premier Oil on Friday said it had identified at least $100 million in potential savings on its 2020 capital spending plans as it and other peers scramble to adjust to the plunge in global prices of crude.

The oil and gas explorer, under pressure from creditors to rein in spending, reaffirmed its full year production outlook of 70-75 kilo barrels of oil equivalent per day (kboepd) but said its forward covenant position could be impacted by ongoing oil price weakness. (Reporting by Shanima A in Bengaluru; editing by Patrick Graham)