TORSHAVN, Faroe Islands – Atlantic Petroleum has budgeted total capex next year of around DKK 110 million ($18.4 million).
Due to oil price pressures, the company plans to scale back its near-term exploration activities, with capex for 2015 of around DKK 25-30 million ($4.2-5 million), down 75% from 2014.
CEO Ben Arabo said: “We are adapting to the market situation and are cutting costs in 2015 where we can. We are deferring near-term investments without compromising Orlando first oil in late 2016. Atlantic Petroleum is entering 2015 with a good cash position and low debt which is a strength in these uncertain times…
“With the recent discovery of a high-value gas asset (Pegasus West in the UK southern North Sea), we have improved commercial flexibility to capitalize on the value should we decide to do so.”