Oil and gas company ExxonMobil said it is reducing its 2020 capital spending by 30 per cent and lowering cash operating expenses by 15 per cent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic
Industry
MOL Group cuts capital spending in response to COVID-19 disruption
Oil industry company MOL Group has stated that the operational and capital expenditures will be reduced materially to preserve cash and to allow MOL to manage through challenging times even in the case of a longer lasting crisis
US oil rig count to fall by 65 per cent: Rystad Energy
Rystad Energy said the US horizontal oil rig count is poised to drop by an estimated 65 per cent due to the combined global effect of the COVID-19 pandemic and the ongoing oil price war
Oil and gas M&A deal value decreased in February 2020: GlobalData
Total oil and gas industry M&A deals in February 2020 worth US$5.6bn were announced globally, according to GlobalData’s deals database
MG Vowgas wins local content company of the year award
To demonstrate the level of support the Nigerian content development has garnered from the federal government, Sylva Timipre, minister of state for petroleum emphasised the importance government attaches to ensuring that there is in-country capacity development in all segments of the oil and gas industry
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