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LONDON, Jan 12 (Reuters) - North Sea-focused oil and gasoperator Ithaca Energy has cut its 2015investment budget by 60 percent from last year year because ofweak oil prices, it said on Monday.
The London and Toronto-listed company said its 2015 netcapital expenditure would be about $150 million, two thirds ofwhich is related to its Greater Stella Area project, which isexpected to produce its first oil before the end of this year.
"The (capex) programme is forecast to be fully funded on anannual basis by operating cashflows generated from the company'scurrently producing asset portfolio, based on current Brent oilprices and reflecting the benefit of the oil price hedges,"Ithaca said.
Oil producers across the world have cut investmentprogrammes for this year after the sharp decline in oil priceson the back of a supply glut. (Reporting by Karolin Schaps; Editing by David Goodman)