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).
Drilling & production
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.
Oil production will be cut by 200 000 bpd, a volume that includes the reduction of 100 000 bpd announced on 26 March 2020.
More Drilling & production news
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.
Neptune anticipates 2020 to see produced volumes increase, reflecting production from the Cygnus field and an additional 3000 boe/d from assets set to be acquired from Energean Oil & Gas.
The LOI has been signed with an Arab consortium of strategic institutional investors focused on African development opportunities.
Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline, according to analysis by Rystad Energy.
Shell has said that post-tax impairment charges in the range of US$400-800 million are expected for 1Q20.