Halliburton to reduce 2020 spending
The company will significantly reduce spending this year below its original US$1.2 billion budget.
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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.
Engineering for the two well hook-ups at the Brage platform will start immediately.
According to an impact analysis from Rystad Energy, E&P companies are likely to reduce project sanctioning by up to US$131 billion, or about 68% y/y.
The contract includes work for the Anchor project in the US Gulf of Mexico.
Erlend Wild West is a 3900 km2 survey consisting of 1900 km2 of data acquired from the west of Shetland region, offshore the UK.
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.
The number of new assignments for the company grew by more than 50%, resulting in more than 70 active work streams in 2019.
Total's CAPEX cuts in 2020 will amount to more than US$3 billion.