The oilfield services giant’s third-quarter report revealed a global dip in revenues of 27 percent, with North American revenues dropping by 48 percent. Overall revenues were recorded at $6.07 billion.
In a statement released on Thursday, chief executive Paal Kibsgaard called cutbacks in spending on oil and gas projects “dramatic” and said the market’s “fundamental balance of supply and demand continues to tighten.”
However, any resurge in prices would likely be checked by an economic slowdown in China and an injection of Iranian oil into global markets, he noted.
The report came a day after another oil business, Woodside Petroleum, announced severe losses for the quarter, with its revenues dropping by 45 percent.
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
This website uses cookies.