Upstream spend at risk in Asia Pacific

Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.


Chevron looks to lay off another 800 staff

Chevron plans to lay off 800 staff this year in Thailand as it looks to cut $500 million in costs at the Thai business to weather the fall in global oil prices, the company said.

Oil & Gas

Ophir Energy launches Thailand exploration

Ophir Energy said it has launched its two-well exploration programme in Thailand after spudding of the first wildcat. The company said it had spudded the G4/50-10 exploration well on the Soy Siam prospect in the western Gulf of Thailand. The block partly surrounds Ophir's producing Bualuang oil field and spans a series of Tertiary aged sub-basins in the region.