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8 April 2020
Coronavirus (Covid-19) company impact: Total SA
Total announced a revised CapEx of $14.7bn for 2020 by factoring average crude oil prices of $30/barrel. This includes a $2.5bn cut in upstream CapEx and another $500m in the...
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7 April 2020
Fall in oil and gas prices and weak LNG demand impacts upcoming liquefaction projects
The prospect of weak economic outlook due to COVID-19 impact has led to fall in oil and gas prices, and weakening of LNG demand prompting LNG liquefaction terminal developers to...
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6 April 2020
Asia’s upstream projects awaiting FID in 2020 are at risk of delay
Global oil and gas demand has been significantly affected by the strict restrictions imposed to contain the Covid-19 outbreak. With a worldwide pandemic recently declared by the World Health Organisation...
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6 April 2020
Covid-19 impact on oil and gas EPC projects
The impact of Covid-19 pandemic is particularly visible on the demand for the services industry, including the EPC. This segment of the oil and gas value chain is largely price-sensitive...
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3 April 2020
Covid-19 and low prices to impact upstream developments and FIDs in sub-Saharan Africa
The 2020 upstream outlook for Sub-Saharan Africa was already a mixed bag, and in the wake of the Covid-19 epidemic as well as the lowest oil prices seen in decades,...
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2 April 2020
UK to seek clarity on Iraq oil budget cuts
The UK Government’s Department for International Trade (DIT) is planning to contact Iraq’s Ministry of Oil and Basrah Oil Company (BOC) to gain clarity about the request BOC has made...
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2 April 2020
Despite profitability, Brazil’s pre-salt projects will see CapEx and production cuts
On March 26, Petroleo Brasileiro (Petrobras) has announced a capital expenditure (CapEx) reduction from $12bn to $8.5bn in its five-year plan where approximately 48% of the CapEx is allocated to...
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1 April 2020
Hail and Ghasha commercial bid date extended
Abu Dhabi National Oil Company (Adnoc) has extended to 22 April the commercial bid submission date for the four main packages of its estimated $20bn Hail and Ghasha offshore sour gas...
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1 April 2020
Iraq asks foreign oil firms to cut budgets
Iraq's state-run Basrah Oil Company (BOC) has asked four international oil companies to cut budgets by 30% and postpone payments to subcontractors due to the oil price crash. Ihsan Ismaeel,...
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1 April 2020
Iraq declares Covid-19 a force majeure for all contracts
Projects worth $291bn are likely to be affected by the government declaration. The Iraqi government has declared that the ongoing Covid-19 crisis constitutes an event of force majeure for 'all...