Drilling & production - 06 May 2020

Nigeria will not hold bidding rounds for major oilfields until crude prices recover, and some upstream projects will be completed much later than originally planned.

Cuts in the industry's investment budgets will leave only US$60 billion worth of greenfield tenders for contractors to compete for, the lowest in two decades, according to Rystad Energy.

The Tilapia oilfield is located in the Republic of the Congo.

The approximately 14 million shares being divested by Equinor amount to a 4.88% interest in Lundin Energy.

The company reported a net loss of US$335 million for the quarter, compared to a net profit of US$112 million in the previous quarter.