The last days of 2015 saw two of the largest international oil companies (IOCs), Chevron and ConocoPhillips, confirm details of swingeing cuts to their exploration budgets for 2016 as oil prices continue to slide. Cost cutting is not restricted to private sector firms, with national oil companies (NOCs) also seeking to cut waste. Despite major Gulf producers such as Saudi Arabia and the UAE cutting expenses, drilling continues at record levels as services firms’ profit margins feel the...