Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are reducing the number of global deals amid the global decline in oil prices, the Financial Times (FT) reported, citing its sources.
The companies have slowed down investment projects to reassess future profits from oil sales. An unnamed energy banker said the owners of Saudi Aramco and ADNOC plan to “focus more on dividends and less on expansion.”
Other sources said the companies would also reduce gas deals, but not stop them altogether.
In the past three years, Gulf oil majors have spent more than $60 billion on expanding their gas, chemicals and lubricants production capacity.