Africa-focused oil and gas company Lekoil has approved the immediate and accelerated implementation of the company’s general and administrative (G&A) cost-reduction measures due to the significant drop in oil prices.
BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting.
Polarcus has come up with a $15 million cost reduction plan to navigate the current uncertainty facing the marine seismic acquisition market due to the combined impacts of the COVID-19 pandemic and oil price volatility.
The worldwide natural gas sector has been impacted by a “triple whammy” of coronavirus, oil price crash and LNG oversupply, the consultancy Wood Mackenzie said in a report on Wednesday. “While the collapse of LNG prices towards US production break-evens was foreseeable, the narrative for the rest of
Southeast Asia’s rig market, which was poised for growth in 2020, is now set for a decline. Several oil companies have already made significant cuts to their 2020 capex budgets due to the impact of the Covid-19 pandemic and the ongoing oil price war, a Rystad Energy’s analysis shows.
Under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for exploration & production firms is expected to drop by up to $100 billion this year, about 17% versus 2019 levels.
Expecting the spot market for 2020 to be significantly weaker than previously predicted, Helix Energy plans to slash its capex by 20 per cent.
Apart from the ongoing health crisis, the cruise industry is currently also faced with an economic crisis.
Cairn Energy has made significant reductions and deferrals regarding its 2020 program, representing an overall 23 percent reduction in capital expenditure for the year.
Sharp oil price drop and the global coronavirus pandemic have pushed Norwegian seismic survey company EMGS to operate in a low-cost setup to preserve sufficient liquidity.
Joining other oil and gas operators in actions to safeguard their businesses amid coronavirus crisis and the oil price war, Austrian oil and gas company OMV has decided to reduce its investments in 2020 by 20 percent, cut costs by around $217 million, and delay acquisition projects.
Africa’s expected production is set to decline for most of this decade and energy-reliant state budgets to take significant hits, as top planned oil and gas projects were expecting sanctioning under an oil price assumption of between $55-$60 per barrel, according to energy intelligence firm Rystad E
The first two quarters of 2020 look very promising for the tanker markets, according to Nikolas Tsakos, President and CEO of Tsakos Energy Navigation (TEN). The estimate comes at a very turbulent time for tanker owners marked by oil price collapse after the fallout between Russia and OPEC countries
With WindEurope 2019 set for Kopenhagen, we take a look at the current offshore wind farm status in Denmark. In january of this year, we reported that the Government of Denmark had signed a Memorandum of Understanding with wind industry majors with the aim of strengthening and continuing the strong
