Oil firms to reduce spending on Alaska North Slope projects

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ANCHORAGE, Alaska - Two oil production companies have announced they will reduce spending for projects on Alaska's North Slope by $270 million.

The Alaska Journal of Commerce reported ConocoPhillips Company and Oil Search Ltd. made the decisions in response to a large drop in the global oil market.

ConocoPhillips says it will reduce its 2020 capital spending plans for Alaska by about $200 million.

Oil Search has announced it will slow work on its large Pikka Unit oil development until more favorable market conditions return.

The slowdown amounts to a pullback in Alaska of about $70 million for the rest of 2020.

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