NorthAmOil - North America Oil & Gas
Suncor Energy and Canadian Natural Resources Ltd have both announced steps in recent days that they are taking to adjust to the collapse in oil prices.
ExxonMobil has reportedly cut production at two of its refineries on the US Gulf Coast owing to weak demand.
Aker Solutions has entered into a master agreement to provide umbilicals for Chevron’s operations in the US Gulf of Mexico over a 20-year period, and will supply the super-major's Anchor project under its first work order.
Schlumberger and Halliburton – the top two leading oilfield service firms globally – have both said they are cutting spending in response to the collapse in crude prices.
US-headquartered super-major Chevron has said it is reducing its capex budget for 2020 by $4bn, or 20%.
The proposed Jordan Cove LNG facility has received its long-awaited federal regulatory approval, but operator Pembina still has a battle on its hands to ensure the project can go ahead.
Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.
The Royal Dutch Shell-led LNG Canada consortium and its engineering, procurement and construction contractor, JGC Fluor, said this week that they would stop flying workers to the terminal’s site in Kitimat, British Columbia.
Cheniere Energy, the leading US exporter of the super-chilled fuel, has said it does not expect the steps it has taken to protect its workers in the midst of the coronavirus pandemic to have an impact on its production.
North Dakota’s regulators and producers are evaluating their options for how to move forward amid a further oil price drop.
More and more US oil companies are rapidly cutting back capital expenditure budgets in response to the collapse in oil prices.