Analysis: Oil companies cut budgets by one third in 2015
The dive in the oil price is having a dramatic impact on oil and gas activities this year, as companies across the board are cutting exploration costs by more than one third, according to Wood Mackenzie.
BY OLE ANDERSEN
The industry for oil and gas will collectively cut over a third of the budget for exploration in 2015 in order to adapt to the new level of low oil prices, according to assessments from global consultant company Wood Mackenzie.
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