ConocoPhillips cuts production and spending
The measures include a reduction in output of 225 000 bpd.
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The measures include a reduction in output of 225 000 bpd.
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
US crude oil stock builds hit a new weekly record in the week ending April 10 (week 15) as about 17.2 million bbl was sent into storage.
The company has also announced its intention to delist from the New York Stock Exchange.
Field trials of eight emerging methane detection technologies, including satellite and aerial surveillance monitoring, are being conducted at nearly 1000 sites in Texas and New Mexico, US.
Subsea 7 will provide subsea installation services at the Anchor field in the Green Canyon area of the Gulf of Mexico.
Geolog has been present in the US market since 2014.
The predicted spending reductions translate to a US$24.4 billion cut in 2020 compared to last year.
With additional oil coming, the largest production shut-ins in the country’s history are not far off, according to Rystad.
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.
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.