Woodside has decided to reduce its total expenditure for 2020 by 50% in response to global uncertainty, which is almost certain to impact final investment decisions for several projects.

This follows the worldwide financial consequences of the COVID-19 crisis and the oversupply of crude oil and LNG, which has crashed prices.

Woodside said it is taking a prudent approach to cash flow management, given the considerable uncertainty in the near-term investment environment and the magnitude of forward capital investment decisions.

Following the announcement that several key operators in the Permian Basin were significantly reducing capex or production in their positions as a result of the severe oil price fall; Adrian Lara, Oil and Gas Analyst at GlobalData, a data and analytics company, said of the fallout:

Hardest hit

“Of all the unconventional plays, the Permian Basin reduction in forecast production growth will be the largest in absolute terms and exemplifies quite well the collateral effect sought by the oil price war initiated by Russia and…

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Carnarvon Petroleum said it was continuing with Dorado Project development as planned, with engineering and pre-FEED work streams being advanced in spite of corona virus upheavals.

The Perth-based explorer said current market conditions associated with the COVID-19 virus and lower oil price environment had created challenging business conditions, with many planned seismic acquisition programs in the 2020 calendar year expected to be deferred until market conditions improve and vessel logistics were not constrained by health issues.

High-quality asset, low-cost production

Searcher has announced that it has reached a marketing and sales agreement with Timor-Leste’s Petroleum Authority, Autoridade Nacional Do Petroleo E Minerals (ANPM) for its Offshore Timor-Leste Data and Study Package.

Searcher, in collaboration with Discover Geoscience, said it was offering the industry rapid access to a comprehensive open-file seismic package “which will significantly expedite our clients ability to access a collection of organized seismic and well data to assist in the evaluation of the country’s second petroleum licensing round, announced on 3 October 2019.

Following oil prices plummeting to an 18-year low on March 18 as a result of the coronavirus-fuelled crisis and oversupply led by Saudi Arabia and Russia cutting oil prices and boosting exports, the Soviets remain in a strong position to weather out the storm.

Foot on the accelerator

Anna Belova, Senior Oil & Gas Analyst at data and analytics company GlobalData, said Russian oil and gas operators showed no signs of slowing down as both Russia and the Saudis continued to slash spending.

The Australian natural gas industry is responding to the personnel and operational challenges posed by the COVID-19 pandemic to ensure vital energy supplies are maintained.

The Australian Petroleum Production & Exploration Association (APPEA) and Australian Pipelines and Gas Association (APGA) are working with members, governments and energy users to ensure the delivery of essential gas supply to local customers.

APPEA Chief Executive Andrew McConville and AGPA Chief Executive Officer Steve Davies confirmed members were taking all steps necessary to ensure the production and delivery of…

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Upstream Production Solutions has announced the appointment of Cameron Wills to the role of Chief Executive Officer.  

Cameron joined the company in 2007 and has held executive leadership roles withUpstream PS since its   acquisition from Oceaneering in 2014.

“Cameron has demonstrated a successful track record of being able to build sustainable client relationships and safely grow the business” said Geoff Jones, Managing Director, GREngineering.

“Cameron is ideally positioned to lead Upstream PS in the next phase of…

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CGG announced that its backlog, from its new profile, at the end of February 2020 stands at $537m, up 34% compared to last year.

Following CGG’s recently announced exit from the marine and land acquisition business, CGG has transformed into a People, Data and Technology company providing a comprehensive range of data, products, services and equipment that support the discovery and responsible management of the Earth’s natural resources.  

CGG published its Q4 2019 financial results on March 6^th highlighting a strong financial position at…

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