Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
American firms Chevron ConocoPhillips and Hess Corp are withdrawing from more costly deepwater projects to focus on shale oil fields on their home turf, for example.Britain's BP is betting on offshore gas in Egypt, while Royal Dutch Shell has opted for an alternative route as it seeks to safeguard its future: the $50 billion takeover of BG Group.Chevron, the second-largest U.S. oil firm after Exxon Mobil by market value, last week outlined plans to target spending on "short-cycle" investments – lower-cost projects that can take months, rather then several years, to come online.BP was one of very few companies that approved a major project last year, with its $12 billion investment decision in the West Nile Delta gas project in Egypt.U.S. giant Exxon may need to take a leaf out of Shell's book and seek a major M&A deal after it surprised many in the market last week by slashing its 2016 spending by a quarter to $23 billion, said Anish Kapadia, analyst at Tudor, Pickering, Holt and Co.The capex cut signals the company – which reported its smallest quarterly profit in more than a decade – is not planning to invest in many new projects, he said.
FOLLOW THIS ARTICLE