In Private Davos Meeting, Oil Chiefs Push Plan to Reduce Costs
- Oil industry wants to standardize equipment to cut spending
- Saudi Aramco, BP, Statoil CEOs attend meeting in Swiss resort
Davos Leaders Sum up Oil's Plunging Price
This article is for subscribers only.
The world’s largest oil companies, grappling with lowest crude prices in 12 years, met behind closed doors at Davos in a push to cut costs by standardizing some of the equipment used in exploration and production, according to two people who attended.
The meeting, attended by the heads of Saudi Aramco, BP Plc, Statoil ASA and Repsol SpA, as well as senior executives from Royal Dutch Shell Plc, Total SA and Chevron Corp., is the latest sign the industry is moving away from the bespoke kit designed on a project-by-project basis that seemed affordable during the decade-long boom in prices.