Business/economics
Nitzana will enable Israel to double gas exports to Egypt from the giant Leviathan gas field in the Eastern Mediterranean.
Nearly 90% of investment since 2019 has gone to replacing lost production, with $570 billion in spending projected for 2025.
Months of due diligence and evaluation following proposed $18.7 billion deal results in no deal to purchase Australian operator.
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Not everybody suffers when US oil producers slash production. Among the beneficiaries could be US gas producers who will benefit because less oil production will mean a lot less gas on the US market. -
Exploration commitments are expected to dwindle in the current market environment.
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Both platforms offshore assets were shut in following a leak in ExxonMobil's 100,000 B/D pipeline system.
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Reductions will begin next month and last until June. After that, major oil producers around the world plan to step down from the cuts in phases that extend to 2022.
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The firm said it will be “restructuring” to “right size its operations” for a slowing market without mentioning how that will affect its workforce. It also says its two major lines of business are worth less than previously estimated.
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With oil prices at historic lows and with COVID-19 supply chain disruptions, the time has come to evaluate supply chain and procurement strategies, sourcing techniques, and costs.
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Westwood Global Energy’s analysis looks at production, cost, and revenue estimates in the UK and Norway, should oil prices remain low. The research group also provided an outlook on drilling activity.
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Energy research groups Wood Mackenzie and Rystad Energy say improvements in operations costs since the last downturn 5–6 years ago have made it difficult for companies to make further reductions amid the current drop in demand.
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Results of the survey will provide support for the UK’s initiatives to help businesses affected by the industry downturn and the COVID-19 pandemic.
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ExxonMobil and Halliburton made additional cuts in spending and personnel.
