Industry veteran warns that the downturn could be a three-to-four-year issue—and much tougher than anticipated. "Make sure you have liquidity to 2018," he says.
Iran is seeking a final agreement with international powers by June that would curb its nuclear program in exchange for phasing out sanctions that have cut its crude exports, choked cash flow and halted most oil investment.
Sale day statistics show 64 blocks in water depths of greater than 1,600 m (5,249 ft) received bids worth a total of about $334.9 million.
A succession of high-profile speakers at the annual SPE/IADC Drilling Conference in London lined up to outline some of the long-term measures their companies have undertaken to raise their game.
The agenda aims for safe and responsible energy development and good government while encouraging innovation. Regulations concerning hydraulic fracturing, BOPs and methane emissions are forthcoming.