Business/economics
The firm’s latest analysis puts the bulk of the blame on a fragmented supply chain.
The supermajor said the fields are not expected to contribute meaningfully to its production profile by 2030.
Output is rising fast in the South American shale play and putting Argentina on a course to soon reach 1 million B/D.
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Zap Energy will use Chevron’s investment to develop its technology, a next-generation modular nuclear reactor with an aim toward cost-effective, flexible, and commercially scalable fusion. -
The large independent joins the ranks of many other oil and gas producers who have been forced to reduce their exploration activity and the value of their booked reserves due to lower energy prices.
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The latest deal is set to make Southwestern Energy the third-largest producer in the gas-rich Appalachian Basin.
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The Cameron LNG project completed its final train this month, but other LNG projects such as Calcasieu Pass LNG, Driftwood LNG, and Lake Charles LNG face difficulties during the economic downturn.
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The announcements are part of the company’s divestment strategy to reduce debt and improve capital.
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The world’s largest oil company saw profits fall by nearly three quarters during the previous quarter but it still weathered the storm better than international majors.
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Dugong could become a new North Sea production hub says offshore explorer Neptune Energy upon its latest discovery.
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The Gulf of Mexico E&P exited its first bankruptcy quickly with a strategy that included the acquisition of Noble Energy’s GOM assets, which increased its production volumes 25% when the WTI approached $80/bbl. Fieldwood’s financial woes in today’s economics may be tougher to overcome.
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ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision.
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The Pennsylvania-based producer will leave Louisiana where profiting from tight-gas fields has proven difficult and focus on its legacy assets in the Marcellus Shale.
