Wood Mackenzie believes almost all pre-final investment decision (FID) upstream oil and gas projects globally will have to be deferred following the sudden oil price collapse. Of the 50-plus projects the consultancy had identified as potentially going ahead this year, only 10 now look to have a chance of proceeding. Rob
Read More
The international oil benchmark, Brent crude, plunged to its cheapest in 18 years as it traded around $22 per barrel. This comes amid growing fears that the global coronavirus shutdown could last months and demand for fuel could decline further. Brent crude, against which Nigeria’s oil is priced, fell by $2.83 to
Read More
The Ministry of Mines and Hydrocarbons (MMH) of Equatorial Guinea has acted to support oil and gas service companies in-country following the steep fall in the oil price. According to Minister H.E. Gabriel Mbaga Obiang Lima, a waiver will be applied to fees for services for three months, to allow local
Read More
Westwood Global Energy Group has contacted various drilling rig owners on the likely repercussions of current market conditions. According to the company’s RigLogix service, the consensus seems to be that things will likely get worse before they get better, especially if current conditions persist. Operators are typically cutting planned 2020 capex by
Read More
The upstream oil and gas sector needs to act quickly in the current environment of unprecedented uncertainty, according to analysts at Wood Mackenzie. Although there are strong parallels to 2015-16, the macro-environment is very different, they argue, because even if OPEC+ returns to the table for a new agreement, present events
Read More
Major energy companies in the U.S. have imposed work-from-home rules for office staff and have began health checks for remote or critical workers due to the coronavirus. Major energy companies in the United States have imposed work-from-home rules for office staff and have began health checks for remote or critical workers
Read More
In response to the current oil price environment, many operators have reported reductions in their 2020 capital spending plans. Apache Corp. has reduced its 2020 capital investment plan to $1-$1.2 billion from a previous range of $1.6-$1.9 billion. Activity reductions are planned in Egypt and the North Sea. In Suriname, upon
Read More
Dangote Industries Limited said on Sunday that its subsea gas pipeline project would unlock significant gas supply for industrial activities and reduce flaring in Nigeria. The pipeline project is part of Dangote’s multibillion-dollar gas pipeline, fertiliser, petrochemicals and refinery projects, according to a statement issued by the company. The company said the
Read More
Oil traders are struggling to find buyers for 55 Nigerian crude oil cargoes as the spread of the coronavirus has dampened demand from China and European refiners. Most of Nigeria’s April crude oil export programme have not been sold, while about half Angola’s planned shipments for April have yet to find
Read More
The Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) has urged the Nigerian Agip Oil Company (NAOC) to immediately end oil spills caused by leaks on its pipeline at Taylor Creek oilfields in Bayelsa State. ERA/FoEN also aksed industry regulators, especially the National Oil Spill Detection and Response Agency (NOSDRA), the
Read More
