4 September
UK-based exploration and production (E&P) firm EnQuest’s overall oil and gas production in the first half of the year (H1 2020) stood at 66,000 barrels per day (bpd). The company reported revenue of $450.7m, down from $858.2m in H1-2019, due to the low commodity prices as a result of the coronavirus outbreak. EnQuest said that its operations had been “materially unaffected” by the Covid-19 pandemic.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Nigeria’s oil minister Timipre Sylva said that the federal government is no longer fixing the pump price of petroleum products in the country. The African country had been spending about NGN1tn ($2.63bn) per annum subsidising fuel prices but the global oil price collapse as a result of the coronavirus pandemic had made removing the subsidies “inevitable”, Reuters reported citing Sylva. Nigeria is the largest oil producer in Africa.
Saudi Arabia’s state-owned oil major Saudi Aramco is reportedly reviewing its plans to “expand at home and abroad” in the wake of sharp drop in oil prices as well as a heavy dividend burden. The oil major is now slowing down a $6.6bn proposal to add petrochemical output at its Motiva refinery in the US state of Texas, reported WSJ citing people familiar with the matter.
