Drilling & production - 17 April 2020

The company has reported a US$7.4 billion loss as a result of the impact of the Covid-19 pandemic and low oil prices.

SKK Migas, the country's upstream oil and gas regulator, has cut this year’s production outlook for both crude oil and gas to 725 000 bpd and 5727 million ft3/d respectively.

Oil production in March was 4.4% lower than the NPD’s forecast, due to technical problems at some fields.

The measures include a reduction in output of 225 000 bpd.

The interests include a 9.57% stake in the Azeri-Chirag-Gunashli oilfield, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline that transports crude to the Mediterranean port of Ceyhan.

Zenith has entered into a new conditional Deed of Variation which now includes the acquisition of a 100% interest in AAOG Congo and related intracompany loans for a revised total consideration of £200 000.

The company is investing in Arrow Energy's Surat gas project in Queensland, Australia.