Japex Cuts Domestic Spending

摘要

Japan Petroleum Exploration (Japex) plans to cut its budget for domestic exploration in the coming fiscal year starting Apr. 1 in response to slackening oil prices.The explorer originally allocated 50 billion yen ($553 million) for domestic exploration for the next five years, ending March 2013, by drilling around 20 test and exploratory wells. It has yet to decide how much it will cut.