ConocoPhillips is seeking to sell its share in the giant Corridor onshore gas block in Indonesia estimated to be worth more than $1.5 billion. However, given the scale of the project and uncertainties around its future, the US major could struggle to find a buyer.
ConocoPhillips has been ordered by a Chinese court to pay compensation to nearly two dozen aquaculture farmers who said their livelihoods had been hurt by oil spills off the country’s north eastern coast four years ago.
The company was told to pay $266,000 to 21 farmers who had not previously participated in a previous settlement in 2012.
ConocoPhillips said it will cut its capital budget for the year to $10.2billion in response to continued low oil prices.
The company said it would divest assets and lower its cost structure in response to slide in oil prices from $100 to $50 a barrel.
Conoco posted a loss of $1.1billion compared with a profit of $2.7billion a year previously.
