IHS Markit predicts 36% spending cut for North American E&P Companies in 2020
The predicted spending reductions translate to a US$24.4 billion cut in 2020 compared to last year.
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The predicted spending reductions translate to a US$24.4 billion cut in 2020 compared to last year.
The company has said its construction yards in China reopened in February and are now close to planned capacity.
AeonX (Nigeria) has signed a partnership agreement with WFS to promote and deliver the full range of Seatooth products for asset integrity and flow assurance monitoring to existing and new clients in Nigeria.
The projects will commence in 2Q20 and 3Q20.
The revised 2020 capital budget of US$1.3 billion or less includes the implementation of 2Q20 frac holidays in the Bakken and Eagle Ford.
The company will be reducing its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma.
Of the 100 listed energy service companies analysed by Rystad Energy across the various service segments for this research, more than two-thirds are unlikely to be able to meet their interest payment obligations on time this year.
The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.
The contract has been extended until at least March 2022.
In January 2020 there were plans for approximately 50 exploration wells, but this has been reduced to 40 by the effects of the Covid-19 pandemic and low oil prices.
Allseas’ heavy lift vessel Pioneering Spirit will execute the work for Aker BP at the Valhall oilfield between 2021 and 2026.
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the combined effect on oil and gas activities of the Covid-19 virus and the oil price war.