Page 11 - DMEA Week 22

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

Week 22 04•June•2020 www. NEWSBASE .com P11