BP to undergo more spending cuts, asset sales

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 deadly 2010 Gulf of Mexico spill, and said on Tuesday that it was expecting an additional US$3-5 billion of divestments in 2016.