Poor commercial behaviours that blighted the North Sea oil industry during the 2014-16 downturn were increasingly on display in 2020, a new report shows.
The Covid-19 pandemic has created a severe demand shock for the energy market, coinciding with an oil price war that has caused prices to plummet further.
The pace of cost cutting in the mid-cap market is continuing to slow, according to analysis by Westwood Global.
Italian oil company Eni aims to save EUR13billion from cost cutting and asset sales as it aims to become a leaner organisation in the new low oil price environment,
Petrobras has unveiled plans to slash operating costs by $2.5billion to $7.5billion next year in the face of flagging output and the first loss for 13 years.