The briefing on offshore oil and gas

Subtitle

Five numbers in offshore oil and gas

2002

The continuing Covid-19 pandemic's  impact on the global economy saw oil futures suffer their lowest close since 2002 in late March before stimulus efforts caused a rebound. 

12

According to Reuters, India's private power utility ,Torrent Power, is looking to purchase up to twelve cargoes of LNG throughout 2021.

20%

French oil major Total is supposedly looking to cut investments in all programmes by roughly  20% as it looks to make savings of around $400m. 

NOK1.2bn

Norwegian oil and gas company Okea has postponed all sanctioned decisions for drilling and seismic programmes in light on the ongoing Covid pandemic. The company has reserves of NOK1.2bn and expects to remain in a strong financial position. 

€400m

In light of the Covid pandemic and spiralling oil prices, Eni SpA ha withdrawn its plans to authorise €400m in stock repurchases for this year. 

Three projects affected by Covid-19

Polarcus loses seismic contracts in West Africa and Asia-Pacific

Dubai-based seismic provider Polarcus has seen the cancellation of contracts for surveys in both West Africa and Asia-Pacific as a result of the Covid-19 pandemic. 


The West African contract would have consisted of two surveys, each one three months long, while the Asia-Pacific survey would have started in the second quarter of this year. 

Shelf Drilling receives early terminations for jack-up rig contracts

Shelf Drilling has received its second early contract termination in less  than a week, with the Trident XIV jack-up rig contract end date shifted from February 2021 to July 2020.


Previously, the company agreed to amend the contract end date for the Shelf Drilling Tenacious from January 2022 to September 2020.

Aker BP puts all non-sanctioned field development projects on hold

In order to reduce spending, Aker BP is postponing all non-sanctioned projects until further notice. The company originally planned to spend $1.5bn in developments this year, along with $500m in exploration activities.


In light of the market conditions brought about by the pandemic and the changes to their financial plan, Aker BP's capex is expected to reduce by 20% for the year.

Further reading

In a Texas oil town, pain but no panic as prices crash

Despite a collapse in oil prices, as the Covid-19 pandemic continues to impact the global economy, some residents in historically oil-driven areas are refusing to panic. In Karnes City, Texas, and its surrounding areas however, residents are seeing it as part of the regular boom and bust of the industry.

Source: New York Times