Whiting bosses got $14.6 million bonuses before bankruptcy
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.
Maurel halts Ezanga drilling
Maurel et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
Aker Energy postpones Pecan, cuts team
Aker Energy has opted to halt development work offshore Ghana in response to the coronavirus pandemic, terminating a contract for a floating production, storage and offloading (FPSO) vessel with Malaysia’s Yinson Holdings.
Sasol to reduce refinery runs during lockdown
Sasol has set out plans to reduce throughput at some of its plants, as South Africa goes into lockdown, while ratings agencies have become more cautious on the company’s outlook.
Predator takes its time drilling Morocco
Predator Oil & Gas is biding its time in Morocco for its drilling programme as the country faces a mounting coronavirus outbreak.
Pandemic postpones Africa E&P
The Africa E&P Summit, which had been due to be held on May 20-21, has been pushed back to October 21-22.
Update: Nigeria bullish on P&ID pursuit
Nigeria appears to sense an opportunity in its legal wranglings with P&ID given an alleged lack of response to the government’s allegations of fraud in an English court.
Production shut ins and negative pricing loom
Weak demand will drive production shut ins this quarter, IHS Markit’s vice president Aaron Brady told Energy Voice, as storage options are limited.
Sonatrach slashes spending plans
Sonatrach has confirmed it plans to cut its spending in 2020 by 50%, pushing back projects that are not urgent, the company’s CEO Toufik Hakkar told a local newspaper.
Price drop puts the squeeze on African projects
Many new projects in Africa will be delayed as a result of the oil price drop, Rystad Energy has said.
Total, Chevron terminate Valaris rigs off Angola
Total and Chevron have cancelled rigs contracted from Valaris, working in Angola, the drilling company has announced.
Despite Woodside cuts, Sangomar continues
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
Conex buys Total Sierra Leone, Liberia
Conex Oil and Gas Holdings has signed an agreement to buy Total’s fuel marketing businesses in Liberia and Sierra Leone.
Blockade keeps pressure on NOC revenues
Libya’s National Oil Corp. (NOC) has reported revenues of $555 million in February, down 68.6% from January’s $1.21 billion.
Oil’s 60% crash is the tip of an iceberg. The reality is worse
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Vaalco nears rig release
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
Africa Energy plans four wells this year
Drilling is expected to go ahead as planned at South Africa’s Block 11B/12B, with the first Luiperd well due in June.
FAR under strain with Sangomar financing
Australia’s FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegal’s Sangomar development harder.
Tullow cuts Maersk rig in Ghana
Tullow Oil has terminated a drilling contract with the Maersk Venturer in Ghana, in line with the operator’s plans to save cash amid a difficult year.
South Sudan pushes back licence round
South Sudan has postponed its licence round as a result of the coronavirus, officials have said.
Gulf Keystone puts the brakes on
Gulf Keystone Petroleum has taken steps to shore up its financial position, with a knock-on impact to its predicted 2020 production.
Tlou to save gas, save cash in Botswana
London-listed Tlou Energy has set out plans to trim its running costs, in response to problems in the world’s financial markets, while competitor Kalahari Energy has received support from the US Trade and Development Agency (USTDA) for its power plans.
Zenith cuts price for AAOG purchase
Zenith Energy has tweaked the terms under which it was to acquire the Congolese unit of Anglo African Oil & Gas (AAOG), reducing the price by 20%.
Report criticises South Africa’s Inga folly
South Africa should reconsider its role in the ambitious Inga III hydropower project in Congo Kinshasa, a report has argued.
African states scramble for coronavirus response
Coronavirus has begun to spread in Africa, triggering governments to impose lockdowns and take steps to tackle the pandemic.