You are here

Big Oil gets serious as cost cuts signal worst slump since 1986

They are cutting jobs, cancelling refinery projects, giving up exploration

TOO MUCH TO BEAR: If the market stays this depressed, global spending on exploration and production could fall more than 30 per cent this year, the biggest drop since 1986, analysts say.


MAJOR oil companies are awaking from their slumber and facing up to the magnitude of the crash in crude prices.

From Royal Dutch Shell plc cancelling a US$6.5 billion project in Qatar to Schlumberger Ltd firing about 9,000 people and Statoil ASA giving up exploration in