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Tag: Oil Price
Apache Acreage

Apache can spend up to $900 mn at its Western Desert concessions this year

Posted: October 6, 2020 at 2:02 pm   /   Oil & Gas

US oil and gas producer Apache could spend as much as  USD 900 million at its Western Desert oil concessions this fiscal year if oil prices mount a recovery, Al Mal reports, citing a senior official at the Egyptian General Petroleum Corporation (EGPC). The company spent some USD 840 million in Egypt last fiscal year […]

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Pharos

Pharos Energy announces trading and Egypt operations update

Posted: July 9, 2020 at 2:53 pm   /   Oil & Gas

Pharos Energy plc, an independent oil and gas exploration and production company, issues the following Trading and Operations update in advance of the Company’s half-year results on 19 August 2020. The information contained herein has not been audited and may be subject to further review and amendment. Summary Rapid and responsible response to COVID -19 […]

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Offshore Wind

Rystad Energy: Offshore wind to match upstream oil & gas in Europe in 2021, surpass it in 2022

Posted: June 9, 2020 at 11:44 am   /   Renewables

The oil market collapse caused by the Covid-19 pandemic is set to delay several oil and gas developments in Western Europe, putting capital expenditure in the offshore sector on a continued downwards trajectory through 2022. In light of the postponement of multiple final investment decisions (FIDs) on projects and lower investments in offshore oil and […]

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Mario Mehren

Exclusive Interview with Mario Mehren, CEO of Wintershall Dea

Posted: May 3, 2020 at 2:49 pm   /   Oil & Gas

It’s one year since Wintershall Dea was formed through a merger. What’s the outlook for the new company?  The merger has formed a single forward looking company: Wintershall Dea, Europe’s leading gas and oil company. We are fit for the future. Our business is weighted towards gas, so we are ready for the global energy […]

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oil

Egypt’s 2020-2021 draft budget is based on $61 oil barrel price

Posted: March 31, 2020 at 3:35 pm   /   Oil & Gas

Egypt’s 2020-21 draft budget is based on an oil price of $61 per barrel, the finance ministry said on Monday, down from $68 in the current budget which ends on June 30 but around three times higher than the present price. Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and […]

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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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