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Tag: Oil Price
Chevron

Chevron cuts 2020 capital spending by $4 bn in response to COVID-19 outbreak

Posted: March 26, 2020 at 1:57 pm   /   Oil & Gas

Chevron next to cut spending in response to COVID-19 effects: Chevron Corp. has cut its 2020 capital spending plan by $4 billion, or 20%, to $16 billion, in response to market conditions. Chevron Corp. has cut its 2020 capital spending plan by $4 billion, or 20%, to $16 billion, in response to market conditions. The […]

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Total

Total to slash over $2.5 billion from its E&P business as oil crisis bites

Posted: March 24, 2020 at 3:39 pm   /   Oil & Gas

In an effort to alleviate the concequences of the recent oil price plunge, French oil major Total has revealed its plan to reduce the capex for 2020 by more than $3 billion and save about $800 million in operating costs compared to 2019. Total will also suspend its buyback program.  Patrick Pouyanné, Chairman & CEO […]

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Wintershall Dea Mario Mehren

Wintershall Dea CEO Mario Mehren: “We are in controlled emergency state”

Posted: March 22, 2020 at 3:06 pm   /   Oil & Gas

Wintershall Dea CEO Mario Mehren Interview with German Handelsblatt Newspaper. Mr Mehren, the corona crisis is keeping the world on tenterhooks, public life in Germany is practically at a stand- still, and Wintershall Dea has also moved its Annual Press Conference online. How do you feel about the situation? Mehren: Germany is closing schools, shops […]

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ExxonMobil

ExxonMobil to significantly reduce spending due to market conditions

Posted: March 18, 2020 at 1:09 pm   /   Oil & Gas

U.S. oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. The oil price war and the sudden and sharp decline in oil prices as well as the global outbreak of the coronavirus have pushed oil and gas operators to reconsider […]

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oil price

Pharos, TransGlobe slash spending in response to oil market volatility

Posted: March 14, 2020 at 9:39 pm   /   Oil & Gas

Energy companies in Egypt are adapting to the new realities in the oil markets: The collapse in oil prices is forcing energy companies in Egypt onto the defensive: Energy companies operating in Egypt, including Pharos Energy and TransGlobe Energy, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy […]

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apache

Apache responds to challenging oil market by cutting capex by 40%

Posted: March 14, 2020 at 9:32 pm   /   Oil & Gas

Apache responds to current challenging market by slashing spending: Houston-based oil and gas company Apache Corporation has announced multiple actions in response to current challenges in the oil market featuring an oil price war between Saudi Arabia and Russia following the OPEC+ breakdown, the effect of the coronavirus outbreak on global oil demand, and the […]

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Oil

Egypt hedges against oil price volatility for second year, FM Maait confirms

Posted: February 16, 2020 at 2:02 pm   /   Oil & Gas

Egypt has hedged against volatility in global oil prices for a second consecutive year and could do so again, Finance Minister Mohamed Maait said. The North African country took the step “several times in the current fiscal year 2019-2020, and it will hedge again during the year if needed,” Maait said in an interview Thursday […]

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Oil

Egypt forecasting crude oil prices at $64-68 in its new hedging contracts

Posted: July 17, 2019 at 1:25 pm   /   Oil & Gas

Egypt eyes pricing crude at USD 64-68 in new hedging contract: Crude oil prices will be set at USD 64-68 per bbl in the government’s fuel hedging contracts with international banks, which are due to be renewed soon for the new fiscal year, an unnamed government source estimated, according to Al Mal. Finance Minister Mohamed […]

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Oil Price

With high oil price, Egypt may be still be looking at a fuel hedge – Enterprise

Posted: October 9, 2018 at 3:28 pm   /   Oil & Gas

With the price of oil stubbornly high, the Madbouly government may be looking at a fuel hedge after all. The cabinet of Prime Minister Mostafa Madbouly is drafting a policy change that would allow the Finance Ministry to move ahead with a hedging strategy to shield the state budget against the rising price of oil […]

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egypt-ministry-of-finance

Egypt’s fuel subsidy bill may overshoot to EGP 100 billion in FY 2018/19

Posted: October 4, 2018 at 1:39 pm   /   Oil & Gas

Enterprise: Fuel subsidy bill could overshoot to EGP 100 bn in FY2018-19. Higher-than-forecast oil prices will could see Egypt’s fuel subsidy bill FY2018-19 jump to EGP 100 billion, up from USD 89 billion now in the budget, a government source told Enterprise yesterday. Compounding the issue: The potential for strain on the EGP from a […]

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