Chevron unveils the largest spending cut Due to Oil price slump Chevron is the second largest oil and gas group in the US after ExxonMobil, they have announced steep cuts in its spending on production and exploration, they have set out a plan to cut capital expenditure in 2016 by as much as 24%. The cuts…
Zombies appear in U.S. oilfields due to crude lows reports Reuters Drained by a 17-month crude rout, some U.S. shale oil companies are merely hanging on for life as oil prices lurch further away from levels that allow them to profitably drill new wells and bring in enough cash to keep them in business. The slump…
Nigeria Fuel crisis continues biting without ending According to the Guardian online Nigeria, Africa’s largest oil producer, exports nearly two million barrels per day of crude oil, but relies almost entirely on imports for the 48 million litres per day of Premium Motor Spirit (PMS) it consumes. Some of those imports come via a programme…
US Oil and Gas Majors slash Capex, Canadian’s Auction Equipment to stay afloat. Major U.S. oil and natural gas producers are slashing capital spending for next year in response to a near 60 percent drop in global crude prices, but few, if any, are forecasting a drop in production. Oil majors Exxon Mobil Corp and…