The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
Genel Energy has cut capital expenditure to just over $100 million for 2020, while operating expenditure will be reduced by 10% to around $40mn.
Actions taken by producer states under the OPEC+ banner, coupled with moving oil into storage, should see a stock draw of 4.7 million barrels per day in the second half of 2020, the International Energy Agency (IEA) has said in its recent Oil Market Report (OMR).
Norwegian energy giant Equinor has announced a £2.5 billion package of measures to help strengthen its financial position during the coronavirus outbreak.
Kosmos Energy has set out plans to reduce planned capital expenditure in 2020 to under $250 million.
Developing the SNE field will require capital expenditure of around $4.2 billion, a presentation by Australia’s FAR has said, versus the previous projection of $3bn.
Oil Search’s LNG project in Papua New Guinea continued strongly in the third quarter but progress on a new three-train liquefaction plan is moving more slowly than had been expected.
Total’s investor presentation walked a fine line between commitments to new projects and steps to secure the confidence of investors.
Energy Industries Council reveals EICAssetMap, a business development tool able to pinpoint any energy facility location in the UK.
Total SA, Europe’s second-biggest oil company, scaled back its production target for 2017 as it announced a further round of investment cuts and project delays to protect its dividend. Total expects to produce 2.6 million barrels of oil equivalent a day, compared with a previous forecast of 2.8 million barrels a day, the company said Wednesday before holding an investor day in London. The measures are a sign that oil majors are extending their belt-tightening into next year and 2017 after companies from Chevron Corp. to Royal Dutch Shell Plc announced large spending cuts for 2015.
BP is to cut investment for this year by a fifth or as much as six billion US dollars (£4 billion) as it adjusts to the “new reality” of lower oil prices, boss Bob Dudley said today. His stark message came as the group slumped to a 969 million dollar (£645 million) replacement cost loss for the fourth quarter, down from a profit of 1.51 billion US dollars for the same period in 2014. BP recorded a $3.6 billion dollar hit including write-downs on assets in the North Sea and Angola and on the falling oil price. Its results came as oil and has exploration firm BG Group - originally a spin-off from the privatisation of British Gas - also slashed capital expenditure plans for 2015, by $6-7 billion.
Marathon Oil has estimated its investment and exploration budget will be 20% lower for 2015. The company said the capital program of around $4.5billion for next year will reflect a significant weighting to the company’s high return investment opportunities in the US as well as lower exploration spending. Marathon said the “continuing dynamic change” in crude oil markets, together with the expected impact to oilfield service cost, mean it will need additional time before the budget is finalised.