Cairn Energy’s boss said today that the company was “in control of its own destiny” and would aim to capitalise on opportunities to beef up its portfolio, including in the North Sea.
Cairn Energy has abandoned plans to sell its stake offshore Senegal to Lukoil, abiding by Woodside Energy’s pre-emption.
Australia’s FAR did not exercise its right to pre-empt the sale of Cairn Energy’s stake in the Sangomar field, as the company works to find a buyer for its own interest.
Australian firm Woodside has moved to whisk the purchase of Cairn Energy’s 40% stake in the Sangomar project off Senegal out from under the nose of Russian firm Lukoil.
Kosmos Energy reported a net loss of $199 million for the second quarter of the year, with an adjusted net loss of $95mn.
Despite challenges thrown up by the coronavirus outbreak, BP’s production in Africa was largely unchanged, although exploration and development has been pushed back.
Russia’s independent Lukoil has struck a deal to pay $300 million to Cairn Energy for a 40% stake in a licence offshore Senegal.
The floating production systems (FPS) market will rebound to $13 billion annually from 2021-24 with an average oil price of $60 per barrel, analysts have said.
The coronavirus pandemic has taken its toll on the world, with lives lost and economies shrinking.
No more floating production, storage and offloading (FPSO) vessels will be ordered this year, Rystad Energy has predicted.
Australia’s FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegal’s upstream plans.
Oryx Petroleum has cut operating expenses by 21% and is focused on slimmed down operations in Kurdistan for the near future.
New liquefaction projects are unlikely for the time being, Golar LNG has said, but in the longer run its floating LNG (FLNG) technology is an attractive option for exporting gas.
Australia’s FAR has been unable to secure financing for its stake in the Sangomar field development and so has begun a process to sell all, or a part, of its stake in the Senegalese project.
TGS has begun a 3D seismic survey offshore The Gambia, under its Gambito 2020 programme.
Kosmos Energy has cut spending for a second time in a month and confirmed delays at the Tortue LNG project, where it works with BP.
BP has declared force majeure on its Tortue LNG project with Golar LNG, saying it would not be ready to receive the floating unit in 2022 as a result of the coronavirus pandemic.
BP has cancelled a planned controlled source electromagnetic (CSEM) survey off Mauritania and Senegal, that was due to be carried out by Electromagnetic Geoservices (EMGS).
The Africa E&P Summit, which had been due to be held on May 20-21, has been pushed back to October 21-22.
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
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.
Kosmos Energy has set out plans to reduce planned capital expenditure in 2020 to under $250 million.
Lekela has launched a 158.7 MW wind farm in Senegal and broken ground in Egypt at a 250 MW wind plant.
US Secretary of State Mike Pompeo has wrapped up a trip to three African states this week, where he noted the importance of deepening trade ties and the struggle against corruption.
TGS has completed its SN-UDO-19 survey in northern Senegal and has begun a second shoot in the same region, OUP-NORD-20.