“This compares to $2.3 billion in 2015, so a nearly 60% cut. This is one of the steepest 2016 spending cuts we’ve seen across oil and gas producers.”
Petroleo Brasileiro SA, as Petrobras is formally known, is targeting $15.1 billion in disposals by the end of next year but has struggled to sell assets in less attractive prospects off Brazil and in the Gulf of Mexico.
Chevron, the second-largest energy company in the U.S. by revenue, and other major oil companies have been cutting costs and capital spending plans in response to an extended downturn in prices for crude.
“We are interested to come back to Iran when the sanctions are lifted and if the contracts are interesting,” Stephane Michel, Total’s head of exploration and production in the Middle East said at the conference. “We have worked in this country for a long time, so we know specific fields on which we’ve worked.”
"Indonesia is an important country for Saudi Arabia, a rising global economy, we would like to be a part of the growth of Indonesia," Saudi Aramco CEO Amin H Al-Nasser said at the signing of the initial agreement to upgrade the Cilacap refinery in Indonesia's Central Java province.
The government hopes international companies will commit at least $100 billion that Iran says it needs to boost oil-production capacity by more than 1 million barrels a day.
‘The latest estimates for 2016 show that total investments are expected to amount to NOK 219.4 billion. This is 5.4 per cent lower than the corresponding figure for 2015. The decline is mainly due to a fall of 9.3 per cent within oil and gas’ reads the statement.
“We know that energy demand is growing. We also know that renewable energy will have to meet most–if not all–of this increased demand. Oil and gas will remain critically important energy resources," Mr. Sætre said on Monday. "Even in a 2 degree world we need oil and gas roughly at today’s levels in 2040."
“We have never seen this in the last 30 years, two consecutive years of investment decline,” the IEA’s executive director, Dr. Fatih Birol, told The Wall Street Journal on the sidelines of a Statoil conference. “This will have implications for the oil markets, if not tomorrow then the day after tomorrow.”
Speaking at an energy conference in Bahrain on Thursday, Ali al-Naimi, said oil companies “need to increase investments in order to guarantee stability of market for the long and short term”.