Pharos Energy withdraws interest in Shell's Western Desert assets
The company cited current market conditions for its withdrawal from a consortium evaluating the acquisition of Shell's upstream portfolio in the Western Desert in Egypt.
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The company cited current market conditions for its withdrawal from a consortium evaluating the acquisition of Shell's upstream portfolio in the Western Desert in Egypt.
BG International, a subsidiary of Shell, and Aker BP have terminated contracts for the Maersk Developer and the Maersk Reacher respectively.
The company is investing in Arrow Energy's Surat gas project in Queensland, Australia.
The company is aiming to align itself with the goals of the Paris Agreement on climate change.
The joint venture between the two companies was set up to develop licence blocks in Russia's Yamal peninsula.
The contract has been extended until at least March 2022.
The divestments include the sale of Total E&P Deep Offshore Borneo BV, which holds an 86.95% interest in Block CA1 offshore Brunei, to Shell.
Shell has said that post-tax impairment charges in the range of US$400-800 million are expected for 1Q20.
Global CAPEX for exploration and production firms (E&Ps) is expected to drop by up to US$100 billion this year, according to Rystad Energy.
Siccar Point and Shell UK had been planning to bring the project to a Final Investment Decision (FID) in 3Q20.
The measures taken include a reduction of CAPEX to US$20 billion or below for 2020, from a planned US$25 billion.
Drilling of confirmation well 31/5-7 Eos south of the Troll field in the North Sea took place to determine the suitability of the reservoir in the Johansen formation for CO2 storage.