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Drilling & production

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Tullow Oil outlines additional cost savings

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).

Murphy Oil to make further cost savings

The company has made an additional reduction in the 2020 capital plan down to the new midpoint of US$780 million from the previously announced US$950 million in March 2020.



BP announces cuts to spending

BP has cut its 2020 spending plans by 25% and will reduce output from its US shale oil and gas business.

 

Key Petroleum responds to Covid-19

Key has made an application a 12-month Suspension and Extension for Permit Year 3 in which the Wye Knot-1 well was to be drilled.


More Drilling & production news

Oil Search completes well tests in Alaska

Mitquq 1 ST1 flowed at a stabilised rate of 1730 bpd from a single stimulated zone, while the Stirrup 1 exploration well flowed at a stabilised rate of 3520 bpd from a single stimulated zone.

Shell updates 1Q20 outlook

Shell has said that post-tax impairment charges in the range of US$400-800 million are expected for 1Q20.

Devon Energy revises 2020 CAPEX downwards

The US$300 million of incremental capital reductions will be driven by the deferral of activity in the Eagle Ford, improved capital efficiencies in the Delaware Basin and lower service-cost pricing.