Drilling & production - 22 May 2020

Profit after tax (PAT) for 1Q20 stood at RM4.5 billion (US$1.03 billion), 68% lower than the RM14.2 billion posted in 1Q19.

Shell is the operator of the block with a 45% stake, along with Chevron, also at 45%, and Ecopetrol, with 10%.

Saad al-Kaabi, the company's Chief Executive, said he expected oil demand to recover to pre-crisis levels only within a year or two.

The Parque das Baleias Area offshore Brazil has reached the mark of 1 billion bbl of oil produced.

The Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project is expected to reach its peak production of approximately 15 681 bpd in 2022.

The company has shut in the 205/21a-7Z well as it was unable to achieve its target rate sustainably from the two Lancaster Early Production System wells.