The outlook for oil and natural gas markets remains bleak for the rest of the year and much of 2016, meaning there will be no let up in pressure to control costs, executives from two European energy majors said. Oil and liquefied natural gas (LNG) prices have more than halved from peaks in 2014, eroding producer revenues and forcing cost cuts and layoffs. “The industry is under so much pressure that you need to have a clear plan. You need to balance capital expenditure against production,” BG Group Chief Executive Helge Lund told Reuters on the sidelines of a conference in Singapore. “Our capex in 2015 will be around 30 percent lower than in 2014. Given the […]