Woodside Petroleum said its spending for the next year will be an estimated $170million lower than previously planned.
The company said the move was being made as the global lower oil prices continue to hit.
Total spending for the year would be $6billion rather than $6.17billion which had been previously estimated.
This year, Woodside’s spending had increased from its previous level of just more than $1billion, when it acquired Apache’s stake in Chevron’s Wheatstone LNG venture in Western Australia.