Oil Firms Seen Cutting Exploration Spending
"You will probably see more activity at the asset level more than at the corporate level ... More joint ventures, swapping assets, buying and selling of assets,' said Jeremy Bentham, Shell's vice-president for business environment.
Insiders believe the cuts may not be reversed until capital tied up in projects like Chevron's $54 billion Gorgon LNG or Conoco's $25 billion Australia Pacific LNG start producing cash flow and return.
"There will be less investor pressure, then companies can get activity back up, so this may be a pause of a couple of years where companies scale back," Brinker said.
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