US upstream news

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.

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

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.

The US$300 million of incremental capital reductions will be driven by the deferral of activity in the Eagle Ford, improved capital efficiencies in the Delaware Basin and lower service-cost pricing.

The pre-FEED scope includes engineering tasks related to the configuration, sizing and preliminary analysis of the FPU, including topsides, hull, risers and mooring.

Global CAPEX for exploration and production firms (E&Ps) is expected to drop by up to US$100 billion this year, according to Rystad Energy.

The largest job reductions in 2020 are expected to be within shale, according to Rystad.

The reductions include a US$2 billion decrease in spending in upstream unconventionals, primarily in the Permian Basin.

The company will significantly reduce spending this year below its original US$1.2 billion budget.

The oilfield services company is anticipating a rapid reduction in active drilling and hydraulic fracturing activity.