Oil company ADM Energy said it had cut operations costs at its OML 113 project offshore Nigeria by 37.5% amid a slump in oil prices. The cost cut had included a decrease in leasing costs for a floating production, storage and offloading vessel and lower general operational and maintenance costs.
The project’s break even cost of production had fallen to $28 per barrel. ‘ADM remains positioned to withstand current market volatility and pursue the board’s stated core investment strategy,’ the company said. At 1:49pm: (LON:ADME) share price was -0.05p at 2.83p