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 et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
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 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 Oil & Gas is biding its time in Morocco for its drilling programme as the country faces a mounting coronavirus outbreak.
The Africa E&P Summit, which had been due to be held on May 20-21, has been pushed back to October 21-22.
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.
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 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.
Many new projects in Africa will be delayed as a result of the oil price drop, Rystad Energy has said.
Total and Chevron have cancelled rigs contracted from Valaris, working in Angola, the drilling company has announced.
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 Oil and Gas Holdings has signed an agreement to buy Total’s fuel marketing businesses in Liberia and Sierra Leone.
Libya’s National Oil Corp. (NOC) has reported revenues of $555 million in February, down 68.6% from January’s $1.21 billion.
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.
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
Drilling is expected to go ahead as planned at South Africa’s Block 11B/12B, with the first Luiperd well due in June.
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 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 has postponed its licence round as a result of the coronavirus, officials have said.
Gulf Keystone Petroleum has taken steps to shore up its financial position, with a knock-on impact to its predicted 2020 production.
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 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%.
South Africa should reconsider its role in the ambitious Inga III hydropower project in Congo Kinshasa, a report has argued.
Coronavirus has begun to spread in Africa, triggering governments to impose lockdowns and take steps to tackle the pandemic.