Upstream news

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

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).

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.