Production at Gharraf oilfield halted
Petronas, the operator of Gharraf, has evacuated its staff from the Iraqi oilfield.
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Petronas, the operator of Gharraf, has evacuated its staff from the Iraqi oilfield.
The reductions to the company’s 2020 capital budget will be primarily achieved by shifting from a six rig programme to one rig in the Bakken, which is expected to be completed by the end of May.
The Norwegian Petroleum Directorate has granted the company a permit for well 35/8-7S in production licence 880.
The company has reduced its drilling, completion and facilities capital budget by approximately 45%.
The company is aiming to reduce spending as a result of market conditions caused by the Covid-19 pandemic and commodity price decreases.
Drilling activities at the SH-13 well have been suspended due to Covid-19.
Net income in 2019 was US$88.2 billion 2019, compared to US$111.1 billion in 2018.
The event was due to be held in The Woodlands in Texas, US, from 24 - 25 March.
Activity reductions are planned in the Permian Basin, Egypt and the North Sea.
The decrease represents a 33% reduction in the company's upstream spending.
The growth in US crude oil exports in 2019 has been attributed to increasing US crude oil production, expanding domestic infrastructure, and increasing global demand for light, low-sulfur crude oils.
Stewart MacDonald has been appointed as non-executive Director of the company.