Drilling & production

The company's contract with Dubai Petroleum will end in October 2020 rather than January 2022.

The company is targeting CAPEX of c.US$300 million in 2020 (down from c.US$350 million) and decommissioning expenditure of c.US$65 million (down from c.US$100 million).

The company has made an additional reduction in the 2020 capital plan down to the new midpoint of US$780 million from the previously announced US$950 million in March 2020.

Oil production will be cut by 200 000 bpd, a volume that includes the reduction of 100 000 bpd announced on 26 March 2020.

At 4265 ft (1300 m), the first well that has been opened for early first gas is the deepest water depth opened by ONGC.

BP has cut its 2020 spending plans by 25% and will reduce output from its US shale oil and gas business.

Applied Petroleum Technology will provide geochemical analyses including consultancy services to deliver interpretation of drilling samples and other reservoir data.

The company's 2019 projects were mainly concentrated in Russia and Uzbekistan.

Silver Eagle says the self-propelled design is capable of working at greater water depths and in harsh environments.

Key has made an application a 12-month Suspension and Extension for Permit Year 3 in which the Wye Knot-1 well was to be drilled.

Mitquq 1 ST1 flowed at a stabilised rate of 1730 bpd from a single stimulated zone, while the Stirrup 1 exploration well flowed at a stabilised rate of 3520 bpd from a single stimulated zone.

Neptune anticipates 2020 to see produced volumes increase, reflecting production from the Cygnus field and an additional 3000 boe/d from assets set to be acquired from Energean Oil & Gas.

The LOI has been signed with an Arab consortium of strategic institutional investors focused on African development opportunities.

Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline, according to analysis by Rystad Energy.

Shell has said that post-tax impairment charges in the range of US$400-800 million are expected for 1Q20.