The company will reduce planned investments for 2020 from US$12 billion to US$8.5 billion.
Drilling & production
Eni will reduce CAPEX in 2020 by around €2 billion, equal to 25% of the total CAPEX planned, and OPEX by around €400 million.
Origin Energy has temporarily paused shale exploration drilling activities at its Kyalla well site in Australia's Northern Territory in response to the Covid-19 pandemic.
Rystad Energy expects many projects to be delayed, causing the continent’s expected liquids production to decline for most of this decade and energy-reliant state budgets to take significant hits.
The well was brought onto production on 21 March 2020 at an initial flow rate of approximately 2200 gross bpd.
The study will focus on the development of high CO2 gas fields in Malaysia, which are currently assumed to be difficult to develop from an economical point of view due to associated CO2 management costs.
The company's total net oil and gas production in 2019 amounted to 506.5 million boe, exceeding 500 million boe for the first time.
The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.
The drilling of Perseverance #1, the company's first exploration well in The Bahamas, has been suspended by the Covid-19 pandemic.
The oilfield services company is anticipating a rapid reduction in active drilling and hydraulic fracturing activity.
Zenith Energy will now pay Anglo African Oil & Gas £800 000, rather than £1 million, for an 80% interest in Anglo African Oil & Gas Congo S.A.U, which operates the Tilapia oilfield.