The U.S. Interior Department said on Wednesday that one oil company had begun the process of requesting relief from royalty payments on its offshore production as the industry reels from slumping prices.
British North Sea oil and gas producer EnQuest cut its operating costs by a further $40 million to $335 million from previous guidance and senior management will take a voluntary 20% pay cut to weather an oil price slump, it said on Thursday
Brazil's state-controlled oil company Petrobras aims to save 7.6 billion reais ($1.4 billion) by 2025 through voluntary buyout programs that will affect 3,800 employees, according to a securities filing on Wednesday.
Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s national oil company is acting like the crash never happened.
The Ministry of Petroleum and Industry has approved the plans for development and operation of the Hywind Tampen wind farm. The Snorre and Gullfaks platforms will be the first platforms in the world to receive power from a floating offshore wind farm.