Statoil: 2015 Capex Reduction if FX Persists

Statoil's Chief Financial Officer Torgrim Reitan said on Tuesday the Norwegian oil giant could reduce further its capital expenditures (Capex) this year should the current foreign exchange rate of the crown to the dollar remain.

The company earlier reduced its Capex target for 2015 to $17.5 billion from $18 billion. Reitan said that reduction was thanks to the foreign exchange rate and cost cuts that had materialised earlier than expected.

Reporting by Stine Jacobsen