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At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war, a Rystad Energy impact analysis shows. These wells, located in Norway, Brazil, the Bahamas, Guyana, the... Continue Reading →
Oil major ExxonMobil is reducing its 2020 capital spending by 30 percent and lowering cash operating expenses by 15 percent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Capital investments for 2020 are now expected to be about $23 billion, down from the previously announced $33 billion,... Continue Reading →
Oil and gas company Tullow Oil has identified further cost savings while its lenders have approved its credit facility with a $1.9 billion of debt capacity. Tullow said on Friday that the company continues to adapt to the challenging external environment. Continue reading
Guyana and Namibia focused oil and gas company Eco Atlantic has said that its board and management have agreed to voluntary pay cuts of up to 40 percent, in the wake of the situation with the coronavirus and the low oil prices. The company has said it has undertaken a strict cost-cutting program across all... Continue Reading →
Collapsing oil prices have left African producers facing not only lost revenue when they most need it to tackle coronavirus, but also a fall in hard-won market share they may never regain. The continent's producers such as Nigeria, Angola and Algeria cannot compete with the lower costs of erstwhile allies Saudi Arabia and Russia, who... Continue Reading →
Offshore drilling contractor Valaris has received contract terminations for two rigs operating offshore Angola, one from Total and the other one from Chevron, but has also secured revenue backlog of $100 million. In an update on Thursday Valaris said it continues actively working to recover or replace the blowout preventer (BOP) stack on Valaris DS-8... Continue Reading →
Norwegian energy intelligence firm Rystad Energy expects that majority of Africa’s top planned oil and gas projects that were expecting final investment decisions under an oil price assumption of between $55 and $60 per barrel will be hit hard by the current oil prices and coronavirus impact. "Now, with oil prices falling to below their... Continue Reading →
Oil and gas company BW Energy, with assets in Gabon and Brazil, has decided to cut down its planned Gabon investments by 50 percent, citing coronavirus outbreak, oil price uncertainty, and restriction on international travel. "The impact of international travel restrictions is limiting the Company’s ability to move essential personnel, subcontractors and equipment to and... Continue Reading →
Deepwater acreage will continue to attract significant company interest through 2020, said a report. According to GlobalData, a significant portion of the acreage available in Q1 2020 is located in either deep or ultra-deep water, up from the previous quarter. In Q1 2020, approximately 60% of the acreage available in licensing rounds either open or... Continue Reading →
TechnipFMC has been awarded a significant integrated engineering, procurement, construction, and installation (iEPCI) contract from BP Angola for the Platina field development, located offshore Angola. The Platina field is located in Block 18 at water depths ranging from 1,200 to 1,500 meters. TechnipFMC said on Tuesday that the contract covers the manufacture, delivery and installation... Continue Reading →
Brazil Energy Insight 