Global oil and gas exploration stepped on the brake

category:Finance
 Global oil and gas exploration stepped on the brake


ExxonMobil, the US energy giant, has cut its oil and gas exploration scale by 30%, equivalent to reducing investment by 10 billion dollars. Similar measures taken by Eni, BP and Statoil have led to a sharp decline in the performance of many sub contractors specializing in exploration. For example, French geophysical Corporation expects revenue to decline by 40% this year.

More than 30 U.S. oil exploration and production companies have filed for bankruptcy this year, according to the data of Haibo international law firm. The Norwegian energy company lustad predicts that if the oil price stays at the low level of about $40 per barrel for a long time, there will be 150 energy enterprises going bankrupt in the world by 2022.

According to bjene Silvio, an energy analyst at the Bank of northern Europe in Sweden, how long global oil companies will cut exploration projects depends on oil prices. Brennock predicted that the global oil and gas exploration projects are difficult to rebound in the medium term. Observers noted that Gazprom and shell announced in July that they would jointly explore oil and gas resources in the Arctic region, and the United States approved in August to explore oil and gas in the National Arctic wildlife reserve in Alaska. However, some energy analysts question whether such projects can be carried out smoothly in the current market climate. Rafaela Hein, an analyst at JBC energy consulting in Austria, believes that the current exploration and exploitation of oil and gas resources in the Arctic region is not economically feasible. Due to the continuous downturn in international oil prices, these projects may not be implemented smoothly. Source: surging news editor: Wang Wenhua_ NF5982

According to bjene Silvio, an energy analyst at the Bank of northern Europe in Sweden, how long global oil companies will cut exploration projects depends on oil prices. Brennock predicted that the global oil and gas exploration projects are difficult to rebound in the medium term.

Rafaela Hein, an analyst at JBC energy consulting in Austria, believes that the current exploration and exploitation of oil and gas resources in the Arctic region is not economically feasible. Due to the continuous downturn in international oil prices, these projects may not be implemented smoothly.