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Angola's Sonangol saves $1.7 billion after spending cuts

Staff Writer |
Angola's state-owned oil company Sonangol said it had saved $1.7 billion thanks to spending cuts since 2014 in response to lower crude prices.

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Oil companies across the world have made steep cuts to their annual capital expenditure over the last three years to cope with a slump in oil prices.

Sonangol said in a statement production costs per barrel had nearly halved since 2014 and other cost cutting measure had helped it save $1.7 billion this year.

Angola is Africa's second-largest oil exporter, behind Nigeria.

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