Chevron reduces 2020 capital spending plan
The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.
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The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.
The company will significantly reduce spending this year below its original US$1.2 billion budget.
The oilfield services company is anticipating a rapid reduction in active drilling and hydraulic fracturing activity.
US onshore drilling and completion activities are being halted by Equinor.
The contract includes work for the Anchor project in the US Gulf of Mexico.
The company has said it still continues to expect to generate positive free cash flow in 2020.
The company is to sell its 49% equity stake in INOVA Geophysical Equipment Ltd. for US$12 million.
The Gulf of Mexico operator will deploy DiscoveryTM, Tracerco’s Subsea CT Scanner, to obtain critical baseline integrity data on the new pipeline system.
A total of 22 companies participated in Lease Sale 254, submitting US$108 587 185 in total bids.
Varel will use the investment from Blue Water Energy to drive growth in the medium-term.
By sidetracking from a collapsed expandable liner, the re-entry operation eliminated the time and cost associated with re-drilling and re-casing a 3000-ft hole.
BW Offshore has signed a five-year contract for the lease and operation of the BW Pioneer FPSO on the Cascade and Chinook fields on behalf of MP Gulf of Mexico.