Oil giant Chevron said it will cut its budget by 24% next year as it aims to control spending following the decline in oil price.
The company said it would spend $26.6billion in 2016, with the bulk of spending planned on international oil and gas exploration and production projects.
Chevron has…
Enquest reached a major production milestone, delivering its first individual day’s production total of more than 50,000 barrels.
The firm confirmed the output first as well as a raft of cost adjustments in its latest production update.
The operator, which achieved first oil for its Alma/Galia interest on October 27, revealed…
Oil extended losses below $40 a barrel amid speculation a record global glut will be prolonged as OPEC abandoned its long-time strategy of limiting production to control prices.
Futures dropped as much as 1.9 percent in New York after falling 4.2 percent last week. The Organization of Petroleum Exporting Countries…
US crude prices extended gains on Friday, buoyed by a weaker dollar, ahead a closely watched Opec meeting that is unlikely to alter the group’s policy of maintaining high output.US crude was trading up 21 cents at $41.29 per barrel early on Friday, after settling up nearly 3% on…
Saudi Arabia, the world’s largest crude exporter, may propose an eventual OPEC production cut of 1 million barrels of oil a day that may take affect in 2016, Energy Intelligence reported Thursday, citing a group delegate it didn’t identify.
Saudi Arabia would consider the cut only if a number of…
