The briefing on offshore oil and gas


news in numbers


A London apartment worth $5m has been frozen by UK authorities as a result of its owner's connection to claims of bribery at Brazil's state-owned Petrobras.


Heerema Marine Contractors has broken the world record for the largest single jacket removal. The firm removed the 8,100 megatonne Jotun-B jacket on behalf of Vår Energi.


The U.S. Bureau of Ocean Energy Management plans to offer a region-wide lease sale in the Gulf of Mexico for 78.8 million acres. The sale will include approximately 14,755 unleased blocks and is planned for November 2020.


Chevron has struck a definitive agreement to purchase all outstanding shares of Noble Energy, at a total valuation of $5bn.


Halliburton has reported a loss of $1.7bn in its second quarter. The company saw a drop from $5.9bn of revenue in the same period last year to $3.2bn this year.

impairment updates

Santos to book non-cash impairments of up to $560m 

Santos, the Australian gas producer and GLNG operator, has announced that it expects non-cash impairments for its half-year results in the range of $490-560m after tax.

The impairments will supposedly have no effect on the company's reserves and it has said that its debt covenants “have sufficient headroom and are not under threat at current oil prices for a number of years.”

Australian major Woodside to take $4.37bn impairment due to Covid-19

Australia’s independent gas producer Woodside Petroleum has planned to book impairments of $4.37bn after tax, due to a decrease in crude prices as a result of the Covid-19 pandemic.

As part of the move, the company aims to write down the value of its oil and gas assets by around $3.92bn, according to a Reuters report.

Eni expects impairments of up to $4bn

Italian major Eni has announced that, in light of a decreased outlook for energy prices, it is expecting to report impairments in the region of $3.96bn. The company believes this number could vary by 20% up or down.

Eni's exepctations largely follow their predictions for the price of Brent falling from from a previous forecast of $70 a barrel to $60 a barrel from 2023 onwards.

Further reading

Rebels in Yemen are holding hostage an ageing, abandoned oil tanker at risk of explosion

The FSO Safer is an oil tanker containing more than a million barrels of oil. Abandoned in the south Red Sea, the tanker was seized by Houthi rebels in 2015. With no maintenance performed on the ship since, the UN has warned that continued deterioration of the tanker could lead to an oil spill four times greater than that of Exxon Valdez. 

Source: ABC News