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Global and Regional Markets

Neil Duffin, ExxonMobil: Industry must work together to come out of downturn stronger

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The methods for collaboration in the industry are likely to change as a result of the lower oil price environment, Neil Duffin, President of ExxonMobil Development, said at the 2015 IADC Annual General Meeting in San Antonio, Texas, on 5 November. In this exclusive video with DC, Mr Duffin explains how drilling contractors can help operators make more projects economically viable in the current price environment and how the industry can emerge from the downturn better and stronger.

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Clay Williams: Steeper decline curves and growing demand make this downturn different from the 1980s

Speaking at the 2015 IADC Annual General Meeting in San Antonio, Texas, on 6 November, Clay Williams, Chairman, President and CEO of National Oilwell Varco, pointed to key factors that differentiate the current industry slump from the downturn that it faced in the 1980s.

A common refrain that is starting to echo through the industry in this downturn is that this feels like the deep and protracted industry downturn of the 1980s. “So far, this does look like the 1980s,” Clay Williams, Chairman, President and CEO of National Oilwell Varco, said during an address at the 2015 IADC Annual General Meeting in San Antonio, Texas, on 6 November.

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Pressures mount as industry goes deep into survival mode

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The upstream oil and gas industry has gone into survival mode, and analysts appear to agree that things are going to get worse before they get better. With low and volatile oil prices leading to more and more postponed drilling projects and lower and lower rig counts, operators, drilling contractors and service companies alike are cutting costs wherever possible. However, it’s the drilling contractors and service companies that have bore the brunt of these reductions, and analysts are urging the industry to increase collaboration to reduce costs in a balanced manner.

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