BP says oil majors have axed 80 projects this year

ABU DHABI (Reuters) – Oil majors have cancelled a total of 80 projects across the globe this year because of low oil prices and cut capital expenditures by as much as $22 billion (£15 billion), BP’s head of exploration and production Lamar Mckay said on Tuesday.

(Reporting by Dmitry Zhdannikov and Rania El Gamal; editing by Jason Neely)