Total to make cuts to spending in response to low oil prices
Total's CAPEX cuts in 2020 will amount to more than US$3 billion.
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Total's CAPEX cuts in 2020 will amount to more than US$3 billion.
Santos has reduced its 2020 CAPEX by US$550 million.
The new seismic datasets from Indonesia will be used to support the country's upcoming 2020 licensing round.
The company is to reduce CAPEX and exploration spending by 20% each for 2020.
The UK offshore industry's representative body warned last week that the industry's position was "paper thin" in the face of the Covid-19 pandemic and the oil price crash.
OKEA has said the Yme offshore project in the Norwegian North Sea, operated by Repsol, remains on schedule for first oil in 2H20.
China’s crude oil stock (including strategic and commercial petroleum reserves) could reach the equivalent of 83 days of oil demand, according to Wood Mackenzie.
The company is to sell its 49% equity stake in INOVA Geophysical Equipment Ltd. for US$12 million.
Production from the White Rose field and its satellite extensions, located 350 km off the coast of Newfoundland and Labrador, is still continuing.
The measures taken include a reduction of CAPEX to US$20 billion or below for 2020, from a planned US$25 billion.
The additional work is estimated to be totalling 7 vessel months and will continue into 2Q20.
The Karish gas field offshore Israel was 72% physically complete at 31 December 2019 and remains on track to deliver first gas in 1H21.