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BP to undergo more spending cuts, asset sales

Wednesday, October 28, 2015 - 05:50
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BP has already sold nearly US$50 billion in assets since the deadly 2010 Gulf of Mexico spill, and is now expecting an additional US$3-5 billion of divestments in 2016.

London

BP announced on Tuesday a third round of spending cuts and more asset sales in the coming years to tackle an extended period of low oil prices after third-quarter profits slumped.

The British oil and gas company has already sold nearly US$50 billion in assets since the