DecomWorld – part of Reuters Events- today announced the global E&P delegations already confirmed to attend their 2020 Decommissioning and Abandonment Summit along with an international operator speaker faculty
The oil and gas company Hess Corp. said it will lay off about 300 employees or 13 percent of its workforce this year as it labors to sell assets, slim down operations and post its first quarterly profit since 2014.
A stubborn 16-month crude rout with no end in sight is driving the largest US oil producers away from costly, high-risk mega-projects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.
Hess Corporation has cut its 2015 exploratory budget by 16%.
The company said it would be spending $4.7billion, a reduction from its 2014 spend of $5.6billion.
Chief operating officer Greg Hill said the company would increase activity as oil prices began to recover.
Chevron and Hess have started crude oil production from the Tubular Bells deepwater project in the Gulf of Mexico.
The project is expected to produce 50,000 barrels of oil equivalent per day from three wells.
The field is 135 miles southeast of New Orleans in 4,300 feet of water in the Mississippi Canyon area and was discovered in 2003.
Diamond Offshore Drilling has won a number of long-term charter contracts from US independent Hess for a pair of drillships.
The Houston-based company also announced plans to retire and scrap six of its mid-water submersible rigs, including the Ocean Epoch, Ocean New Era and Ocean Whittington.