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Oil majors freeze drilling plan as prices drop - BUSINESSDAY
The world’s biggest oil and gas companies are shifting from aggressive drilling to caution, as tumbling crude prices force executives to slash costs and jobs while shelving projects.
The move marks the industry’s deepest pullback since the market collapse triggered by the coronavirus in 2020, with the players once again bracing for a prolonged downturn. Across the globe, thousands of workers are losing their jobs, investments are being trimmed, and debt levels are climbing back to pre-2022 highs.
From the shale fields of Texas to the oThe world’s biggest oil and gas companies are shifting from aggressive drilling to caution, as tumbling crude prices force executives to slash costs and jobs while shelving projects.
The move marks the industry’s deepest pullback since the market collapse triggered by the coronavirus in 2020, with the players once again bracing for a prolonged downturn. Across the globe, thousands of workers are losing their jobs, investments are being trimmed, and debt levels are climbing back to pre-2022 highs.
