In the event of another deadlocked meeting on 6 April, Saudi Arabia will suffer a bigger hit than Russia with regards to the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget deficits and domestic policy.
The latest upstream news
The hull is being towed to the Sembcorp Marine Admiralty Yard in Singapore, where the topsides will be integrated, before the completed FPSO is towed to the Karish field in Israel for installation and hook-up.
The company is targeting CAPEX of c.US$300 million in 2020 (down from c.US$350 million) and decommissioning expenditure of c.US$65 million (down from c.US$100 million).
The company has more than US$585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.
The expanded coverage over the Malvinas and Austral Basins adds to Searcher’s existing data in the area.
Australia's National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has advised of its acceptance of the Scarborough offshore project proposal.
Oil production will be cut by 200 000 bpd, a volume that includes the reduction of 100 000 bpd announced on 26 March 2020.
At 4265 ft (1300 m), the first well that has been opened for early first gas is the deepest water depth opened by ONGC.
The company has said it has sufficient liquidity to weather the challenges of low commodity prices and the Covid-19 pandemic.
BP has cut its 2020 spending plans by 25% and will reduce output from its US shale oil and gas business.