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Even more mixed news comes from Iraq: Pet- have been provided as yet.
rofac has secured a further six-month contract Rival ExxonMobil said it had no plans to cut
extension with BOC for its long-standing Iraq staff, but would nonetheless reduce its operating
Crude Oil Export Expansion Project but more expenses by 15%.
to the point, Iraq’s oil rig count has tumbled by The two super-majors held their annual
almost two thirds this year. meetings last week, and shareholders of both
Iraq has struggled more than most to meet its rejected resolutions calling for the companies to Iraq’s rig count
reduced quota. Its new prime minister has a very set targets for greenhouse gas (GHG) emissions
hard hand to play now and looking ahead. reductions, among other measures. While Exx- has tumbled
onMobil and Chevron have generally been more
If you’d like to read more about the key events shaping resistant to such measures than their European by almost two
the Middle East’s oil and gas sector then please click counterparts, this leads to questions over how thirds this year
here for NewsBase’s MEOG Monitor. the oil market downturn could affect the pace of
the energy transition.
Cutting back, but looking Despite the broader slowdown in North
to the future in North America America’s oil and gas industry, a new exploration
WTI prices have remained relatively stable prospect that could be targeted in future years
above $30 per barrel in recent days, but this level has been identified. Applied Petroleum Technol-
is not high enough for many US producers. In ogy (APT) said it had conducted a detailed eval-
one of the latest illustrations of the industry’s uation of the Southern Grand Banks petroleum
struggles, Occidental Petroleum announced on system offshore Eastern Canada for multiple cli-
May 29 that it was cutting its dividend by 91%. ents. It reported that it had identified previously
This takes the company’s dividend to $0.01 per unrecognised Lower Jurassic source rocks and a
share – the lowest level since at least the 1970s. genetically related set of oil shows.
Occidental is struggling more than many However, the findings come at a time when
thanks to the debt it took on last year to acquire oil companies are unlikely to be rushing to
Anadarko Petroleum in what proved to be an ill- explore the waters off Canada – or indeed other
timed bet on shale and rising oil prices. offshore areas. If more exploration ultimately
It is not just smaller companies that con- takes place, it will be some time from now.
tinue to struggle, though; super-major Chevron
announced on May 27 that it would cut its global If you’d like to read more about the key events shaping
workforce, which now stands at around 45,000, the North American oil and gas sector then please click
by up to 15%. No further details of the lay-offs here for NewsBase’s NorthAmOil Monitor. ™

P10 www. NEWSBASE .com Week 22 04•June•2020