The Canadian Association of Petroleum Producers, which represents the industry, forecast that it would invest C$42bn (US$29.5bn) this year, 13 per cent less than last year and 48 per cent less than in 2014. That is a steeper decline than investment in oil and gas production worldwide, which is expected to drop by 40 per cent over 2014-16, according to Wood Mackenzie, the energy research company.
Investors have pulled billions from US stock funds for the third straight week amid sharp market gyrations, which have frayed investor nerves as global equity bourses slid deeper into correction territory.
Iran needs $20bn to develop the remaining phases of the South Pars gas field, energy minister Bijan Namdar Zanganeh said
The IPO proposal is consistent with the broader direction of economic reform in the kingdom, including state asset sales and market deregulation, Aramco said. Bringing in investors would also strengthen the company’s focus on long-term growth and the prudent management of its reserves, according to the statement.
West Texas Intermediate crude for February delivery declined to $36.58 a barrel on the New York Mercantile Exchange, after falling 0.8 percent Monday. U.S. crude inventories are forecast to keep supplies more than 130 million barrels above the five-year seasonal average, according to a Bloomberg survey before government data Wednesday.
While tens of thousands of jobs have already been cut in 2015, more redundancies are expected this year as companies narrow their focus.
Iran needs $100 billion to rebuild its gas industry and has met with European energy giants, Azizollah Ramezani, International Affairs director at NIGC said in June.
Modi and Putin hailed what they termed a “strategic partnership” at their Kremlin meeting on Thursday and pledged to boost business ties, with the Indian leader signaling progress on defense projects to ensure his country upgrades its weapons capability.
Shell has already taken action to cut costs and reduce spending this year by $12 billion, but Tuesday’s announcement of a $33 billion target for next year is $2 billion below the company’s previous guidance.
The deal, which could be worth around $1 billion based on the valuation of a recent stake purchase, is expected to take final shape during Prime Minister Narendra Modi's visit to Moscow next week for summit talks with President Vladimir Putin, said the sources with direct knowledge of the situation.