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Upstream news updates

 

Karish project FPSO hull being towed to Singapore

The hull is being towed to the Sembcorp Marine Admiralty Yard in Singapore, where the topsides will be integrated, before the completed FPSO is towed to the Karish field in Israel for installation and hook-up.

Tullow Oil outlines additional cost savings

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).

Murphy Oil to make further cost savings

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.

Whiting Petroleum files for bankruptcy

The company has more than US$585 million of cash on its balance sheet and will continue to operate its business in the normal course without material disruption to its vendors, partners or employees.


More oil news updates

 

Woodside's Scarborough project gets green light

Australia's National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has advised of its acceptance of the Scarborough offshore project proposal.

 
 
 
 

Subsea 7 withdraws 2020 guidance

The company has said it has sufficient liquidity to weather the challenges of low commodity prices and the Covid-19 pandemic.

 

BP announces cuts to spending

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

 
 
 
 
 

Key Petroleum responds to Covid-19

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.

 

Oil Search completes well tests in Alaska

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.