Royal Dutch Shell Cuts Spending after Profits Fall

• Thursday, 5th May 2016
• by Egypt Oil & Gas

Royal Dutch Shell will cut its spending by another 10% this year as it warned lower oil prices were continuing to affect its business. The company said it would reduce investment to $30b from a planned $33b, after com...

Brazilian Petrobras Selling Offshore Fields Worth $2b

• Tuesday, 22nd March 2016
• by Egypt Oil & Gas

Brazil’s state-owned Petrobras is marketing offshore oil and natural gas fields worth as much as $2b as part of its plan to sell assets and pay down debt, Bloomberg reported. The fields for sale are the Bauna, G...

Chevron Cuts Capital Spending Plans for 2016-2018

• Thursday, 10th March 2016
• by Egypt Oil & Gas

US energy giant Chevron said it was further cutting spending plans to address low oil and natural gas prices that are hammering its profits, The Wall Street Journal reported. The second-largest US oil company reduced ...

Iraqi Debts Prompt Request for Oil Companies to Reduce Spending

• Tuesday, 15th September 2015
• by Egypt Oil & Gas

Iraq has formally asked oil companies investing in the country to reduce their 2016 spending plans by September 30, citing lower oil prices and government revenue, said Bloomberg. Abdul Mahdy Al-Ameedi, director of li...

Saudi Spending Spree Unabated by Oil Prices, Argue Some

• Tuesday, 11th August 2015
• by Egypt Oil & Gas

There are conflicting reports emerging over the financial state of the kingdom of Saudi Arabia thanks to Brent price of oil sinking to below $50 a barrel. Reuters cited a study by former Saudi central bank official Kh...

Low Oil Prices Threaten UAE Budget Crunch

• Tuesday, 28th July 2015
• by Egypt Oil & Gas

The government of the United Arab Emirates is expected to cut spending by 4.2% this year as it begins to retrench because of low oil prices, which are slashing its energy export revenues, a central bank report said on...