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Posts tagged to shell

Chevron buys Anadarko: $33bn purchase is big move into US shale

MarketLine

For now the purchase of Anadarko Petroleum Corporation – a company that in 2018 registered $13bn in revenue but which consistently lost billions of dollars each year before turning a profit in 2018 – remains the largest of its type and places Chevron level with ExxonMobil and Royal Dutch Shell in terms of production. Last year the newly combined company would have generated greater revenues than ExxonMobil. Investing so heavily reveals the degree of confidence big oil players have in shale gas extraction. The scale of operations such companies will… Read more

New Zealand: Halt to offshore drilling

MarketLine

New Zealand pumped an average of just 31,000 barrels of crude oil a day in 2017, according to data from the US Energy Information Agency (EIA), a fraction of the 913,000 barrels produced daily in the North Sea. The country’s annual oil production makes up just 1.4% of the country’s economy. The industry is already in decline after a downturn in the global market from 2014 took a heavy toll on its earnings. Crude oil production declined in 2016 to the lowest level in a decade, and spending on production… Read more