CNOOC reports 2019 results
The company's total net oil and gas production in 2019 amounted to 506.5 million boe, exceeding 500 million boe for the first time.
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The company's total net oil and gas production in 2019 amounted to 506.5 million boe, exceeding 500 million boe for the first time.
The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.
The drilling of Perseverance #1, the company's first exploration well in The Bahamas, has been suspended by the Covid-19 pandemic.
The company will significantly reduce spending this year below its original US$1.2 billion budget.
The oilfield services company is anticipating a rapid reduction in active drilling and hydraulic fracturing activity.
The Maersk Venturer drillship has been working for Tullow offshore Ghana.
US onshore drilling and completion activities are being halted by Equinor.
Zenith Energy will now pay Anglo African Oil & Gas £800 000, rather than £1 million, for an 80% interest in Anglo African Oil & Gas Congo S.A.U, which operates the Tilapia oilfield.
The company has said it still continues to expect to generate positive free cash flow in 2020.
The company's revised average annual production in 2020 is expected to be in the range of 55 000 to 60 000 bpd.
Total's CAPEX cuts in 2020 will amount to more than US$3 billion.
Santos has reduced its 2020 CAPEX by US$550 million.