Drilling & production

Apache reported a loss of US$4.5 billion or US$11.86 per diluted common share during 1Q20.

The company has reported a net loss attributable to Murphy of US$416 million in 1Q20.

The two three-year renewals are worth a combined total of more than US$100 million.

The company's IFRS net income was negative US$0.71 billion, following net impairments of US$2.45 billion.

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.

The transaction includes the transfer of approximately 450 000 net leasehold acres across Pennsylvania, with approximately 350 producing Marcellus and Utica wells in Tioga County and associated facilities.

Total’s net adjusted profit fell 35% from 4Q19 to US$1.78 billion.

The company has said that site construction works will commence on the West Newton B drilling site in due course.

The company has completed completed a second series of development drilling of wells at the Panuco field for a major oilfield services company.

Following OPEC+'s agreement to cut oil production by 9.7 million bpd from 1 May 2020, Azerbaijan has announced the commitments it will take as a member.

Kazakhstan has pledged to cut its output by 390 000 bpd in May and June.