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Drilling & production - 22 May 2020

Petronas reports decrease in profit

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.


Qatar Petroleum cuts spending by 30%

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.


CNOOC begins production at Bohai oilfields

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.