MOSCOW, January 29 (Sputnik) — Austrian oil and gas company OMV is reducing its annual investments by $0.9-1.4 billion in 2015-2017 amid falling oil prices, the company announced in a press release Thursday.
The investment volumes will be reduced to $2.5-3 billion from a projected $3.9 billion, according to the statement.
"We are prepared to make further reductions to our investment program, if required. Our solid financing structure and comfortable liquidity position means that we are well-equipped for the future," Davies said.
Davies added that the company's production growth will slow due to the stalling of several projects. The previous target of 400,000 barrels of oil equivalent per day, projected for 2016, will not be reached.
Earlier on Thursday, Anglo-Dutch oil company Shell announced it would cut spending by $15 billion over the next three years.
Several other energy giants, including Premier Oil, Tullow Oil and BP, have also been cutting their expenses by putting new projects on hold and laying off hundreds of workers. Earlier in January, the world's largest oil service company, Schlumberger, announced that it would cut 9,000 jobs.
During a November 2014 meeting, the Organization of the Petroleum Exporting Countries (OPEC) announced it would not cut oil production levels to stabilize prices. Global repercussions from this decision included rapidly falling prices, an oil supply glut and little hope for prices to rise in the near future.
