Read on Twitter
E&P cuts coming thick and fast today:
Wintershall Dea "significant reduction" in investment, divi suspension
DNO cuts 2020 budget 30pc ($300m), suspends most drilling/capital projects, axes 1H divi
BW Energy defers Gabon Ruche field development, less than 4 months after FID
Wintershall Dea "significant reduction" in investment, divi suspension
DNO cuts 2020 budget 30pc ($300m), suspends most drilling/capital projects, axes 1H divi
BW Energy defers Gabon Ruche field development, less than 4 months after FID
Prior tweet (above) got some traction in @axios yesterday:
https://www.axios.com/oil-industry-saudi-russia-coronavirus-74bcb026-ebf6-4d4e-af41-f398387b4e8d.html
So I'll try to keep it going
https://www.axios.com/oil-industry-saudi-russia-coronavirus-74bcb026-ebf6-4d4e-af41-f398387b4e8d.html
So I'll try to keep it going
Today in 'future supply shock':
Enquest will not restart output at the Heather and Thistle/Deveron fields that it shut for repairs last year.
It is reducing capex by $80mn to $150mn this year and plans further reductions in 2021, and said this is likely to affect production.
Enquest will not restart output at the Heather and Thistle/Deveron fields that it shut for repairs last year.
It is reducing capex by $80mn to $150mn this year and plans further reductions in 2021, and said this is likely to affect production.
Genel Energy expects to reduce spending and postpone some projects in Iraq's semi-autonomous Kurdistan region.
Includes delaying progress at an appraisal well at the Qara Dagh licence it acquired from Chevron last year
Includes delaying progress at an appraisal well at the Qara Dagh licence it acquired from Chevron last year
Hurricane said it is reviewing its capital investment programme, beyond existing commitments. Hints the development of west of Shetlands Greater Warwick Area is likely to be put on the backburner.
Total to cut capex by 20%, according to France's CGT union
Total confirms 20% capex cut; Shell likewise. Equinor planning cuts too, will update by the end of the month
Sonatrach ordered to cut planned investment by 50% this year. That's combined capex and opex
Aker BP: 20pc capex cut this year, more next year. No spending cut on Johan Sverdrup - Aker front-running Equonor's promised update
Lundin 12% capex. Indicates more likely to hit Edvard Greig expansion than Sverdrup, as per Aker BP
Chevron cuts capex 20%, per majors
Tullow ends drillship contract early, suggesting no exploration at its flagship Jubilee and TEN fields offshore Ghana this year.
That's low-hanging fruit going unplucked
That's low-hanging fruit going unplucked
Also offshore west Africa, FAR says will review spending on Senegal Sangomar field. Project was only sanctioned in January, with a timeline for first oil in early 2023/peak at 100,000 b/d
https://direct.argusmedia.com/newsandanalysis/article/2090230 ($$$)
https://direct.argusmedia.com/newsandanalysis/article/2090230 ($$$)
Equinor to cut spending by industry-standard 20%.
Notably, includes halting *all* drilling and completion at US onshore assets - it has fields in Eagle Ford, Bakken, Marcellus and these have been a bit of a disaster for the firm.
No word of cuts at Johan Sverdrup, as expected
Notably, includes halting *all* drilling and completion at US onshore assets - it has fields in Eagle Ford, Bakken, Marcellus and these have been a bit of a disaster for the firm.
No word of cuts at Johan Sverdrup, as expected
Oxy cuts capex for the second time *this month* and now sees spend -c.47%, with a 6% hit to production
Eni cuts capex c.25% this year, more next year, and stalls plans for developments "scheduled to start in the short term"
Repsol cuts capex c.25% this year
RockRose, which bought Marathon's offshore UK assets a year ago, to cut capex by c.25%
Repsol and RockRose capex cuts may be interconnected. They are jointly developing the North Sea Tain project, which was to go to FID this year, and first oil in 2022
OMV will postpone €1.5bn of project investments and acquisitions until 2022
Petrobras to cut spending by 30pc. To shut-in 100,000 b/d of production https://www.argusmedia.com/en/news/2090779-petrobras-cuts-investment-oil-production
Cairn cuts capex by around 23pc
Tullow cuts capex *again*. Finds a further $50mn to not spend, after a $140mn cut announced on 12 March. Takes overall cut this year vs last year to 40%
Petrofac capex cut 40pc; make 20pc of its workforce redundant
Ithaca cuts 2020 capex by 50pc, says potential negative impact of Covid-19 on its production guidance could be around 10pc
ExxonMobil cutting 2020 capex by 30%, or $10bn
Exxon: The largest share of the capital spending reduction will be in the Permian Basin
Exxon sees 6-12 month delay to Payara start up offshore Guyana
Exxon delays FID on Rovuma LNG project in Mozambique
BP appears to be dialling back at the Greater Tortue LNG project https://www.golarlng.com/investors/press-releases/pr-story.aspx
