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SONANGOL AN ANGOLA OIL COMPANY SAVES $US1.7BN AFTER SPENDING CUTS
After spending cuts Angola’s state owned oil company saves $US1.7bn.
On Friday, Angola’s state owned oil company ( sonangol) said $1.7-billion has been saved and thanks to spending cuts since 2014 due to lower crude oil prices.
Due to the slump in oil prices, over the last three years oil companies across the world have made huge cuts to their annual capital expenditure.
According to a statement released by Sonangol company, production costs per barrel had nearly halved since 2014 and this year $1.7-billion has be saved with the help of other cost cutting measures.
After Nigeria, Angola tends to be the second largest oil exporter in Africa.