Russia's OAO Gazprom (GAZP.RS) may revise its capital investment program for 2009 after the first quarter, a spokesman said Wednesday following reports in Russian media that the company is considering cutting capital expenditure by 200 billion rubles ($5.6 billion).
"We will reconsider our options after the results of the first quarter," the spokesman said, adding that the company is ready for any scenario depending on the oil price and export volume.
Russia's Kommersant daily Wednesday cited an unnamed source as saying the company may cut its 2009 spending program by RUB200 billion to between RUB460 billion and RUB492 billion.
At a board meeting Tuesday, the company's directors discussed the idea of only continuing to invest in projects which would be profitable under an oil price of $25 a barrel of Brent, the daily said. On the New York Mercantile Exchange, light sweet crude for delivery in April traded at $40.35 a barrel at 1025 GMT.
The source also said Gazprom's total investment program for 2009 could be cut to RUB713 billion from the planned RUB920 billion.
Gazprom is the world's biggest producer of natural gas.