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The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, data from Norway's national statistics agency showed.
Oil prices fall as enthusiasm for a possible OPEC+ agreement to continue June’s production cuts for more months subsides.
Dan Munro, PJ Valves, considers the lessons the oil and gas industry can draw from the Covid-19 pandemic and how they can be applied to ensure more resilient working practices.
Oil prices got a boost this morning on rumours that the coming OPEC+ meeting may keep high-level production cuts after June.
Oil and gas companies currently have assets for sale with recoverable reserves of more than 5 billion bbl of liquids and 7.5 billion boe of natural gas, Rystad Energy estimates.
OPEC+ producers are considering extending their output cut of 9.7 million bpd, about 10% of global production, into July or August, at an online meeting likely to be held on 4 June.
Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.
Oil prices fell this morning as traders priced in concerns over the future of crude stocks, geopolitical tensions and fears over how Covid-19 will progress.
The call for papers presents an opportunity for industry leaders worldwide to showcase their expertise on a vast range of topics and speak in front of the global WGC 2021 audience.
Oil prices fell this morning as industry data hint a crude stock build in the US and as the potential for US-China tensions rises.
US monthly output is not likely to exceed 11.7 million bpd before 2022, according to Rystad Energy estimates.
Global investment is expected to plummet by 20%, or almost US$400 billion, compared with last year, according to the IEA’s World Energy Investment 2020 report.