Upstream news

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).

Oil has been discovered n the pioneer well of the Uirapuru block, located in the Santos Basin pre-salt offshore Brazil.

The latest Kwanza Shelf survey will provide key data for the Angolan 2021 Licence Round.

Sapakara West-1 was drilled to a depth of approximately 6300 m (20 700 ft), and successfully tested for the presence of hydrocarbons in multiple stacked targets.

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.

The 5600 km2 survey will be undertaken over 90 days and is an extension of Atlantic Margin surveys acquired between 2017 and 2019.

ANP announced the suspension in compliance with a request from the country's Ministry of Mines and Energy.

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.