The company reported a 58% drop in earnings for fourth-quarter 2015 over the same quarter last year, down to $2.8 billion.
With about 210 small pools already discovered but not yet developed, reducing costs by half would make the development of those 150 fields economically viable, according to a speaker at Subsea Expo.
Through a radical shift in thinking, the company finds that success is repeatable with its ‘army of problem solvers.’
Simplification, standardization and collaboration are the new call to arms for the oil and gas industry.
Oil & Gas UK warns of tough times ahead for the North Sea, but projects due to come onstream offer a glimmer of hope.