Upstream news

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.

The project is due to commence in 2Q20 and last approximately 3 months.

The expanded coverage over the Malvinas and Austral Basins adds to Searcher’s existing data in the area.

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

The company has announced a 30% reduction in 2020 CAPEX to US$300 million.

Oil production will be cut by 200 000 bpd, a volume that includes the reduction of 100 000 bpd announced on 26 March 2020.

At 4265 ft (1300 m), the first well that has been opened for early first gas is the deepest water depth opened by ONGC.