Oil & gas news

Initial recoverable resource estimates put the discovery at between 26 and 97 million boe.

The Monument exploration well found approximately 200 ft (c. 60 m) of net oil pay with good reservoir characteristics in Paleogene sandstone.

The company, under contract to TGS, has completed the offshore 'seep-hunting' surface geochemical analysis and geotechnical campaign of the MSGBC Basin.

Upstream Production Solutions has entered into a three-year contract with Triangle Energy for the provision of operations and maintenance services to the Arrowsmith stabilisation plant (ASP) and Cliff Head Alpha offshore platform in the Perth Basin, Western Australia.

A client of SeaBird Exploration has cancelled two OBN surveys off West Africa due to the Covid-19 situation.

The new deadline for the closing date of Lebanon's ongoing second offshore exploration licensing round is 1 June 2020.

Preliminary estimates place the size of the discovery in production licence 1008 between 1 and 2.4 billion m3 of recoverable gas.

In the event of another deadlocked meeting on 6 April, Saudi Arabia will suffer a bigger hit than Russia with regards to the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget deficits and domestic policy.

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.

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).