London—Trader Glencore has slashed spending in its upstream operations in Chad and expects to reduce the value of its operations in the African country by $790 million due to the sharp decline in oil prices, the company said Thursday. Glencore said that, as a result of the “sharp decline in oil prices in late 2014 and continuing into 2015”, it has made changes to the capital expenditure and production profiles of its fields in Chad and has significantly reduced the number of drilling rigs in operation.
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