Scheduled projects ‘under review’ as Equinor announces £2.5bn coronavirus cost reduction plan
Norwegian energy giant Equinor has announced a £2.5 billion package of measures to help strengthen its financial position during the coronavirus outbreak.
projects
Is better collaboration the new force for change in oil and gas?
Current market conditions are making oil and gas operators understandably cautious about embarking on mega projects. When they do invest, shorter term payback options such as brownfield developments are generally favoured over longer-term, large-budget greenfield projects.
Firms sign up for chance to build 196 projects in Argentina
Argentina's Energy Ministry said 89 companies are looking to build 196 projects to generate electricity as the government tries to attract private investment to lift the country out of recession.
Most global oil projects seen working below $60 on cost cuts
Most of the oil projects planned over the next decade are economically viable with prices below $60 a barrel as explorers succeed in squeezing costs, consultant Wood Mackenzie Ltd. said.
New field project delays increases to 63, $230bn spending also deferred
The number of new field projects put on hold has increased from 40 to 63 in the past six months alone, according to a report. Senior analyst Readul Islam from Rystad Energy, said a total of $230billion in pre-development spending has also now been deferred. Islam said the drop in oil price has imposed stricter financial prudence on E&P players.
Daewoo shipbuilding posts quarterly loss on offshore projects
Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder, posted its second straight quarterly loss as a slump in oil prices increased costs for its offshore operations. The third-quarter loss was 1.35 trillion won ($1.2 billion), compared with a 35.5 billion-won profit a year earlier, the company said in a regulatory filing Tuesday. That’s wider than the average 95.2 billion-won loss of eight analyst estimates compiled by Bloomberg. In the second quarter, Daewoo Shipbuilding posted a loss of 2.3 trillion won, its biggest ever. Customers increasingly are asking global shipyards to delay delivery of ships and offshore rigs as weaker economic growth and sluggish oil prices make it difficult for them to pay for the projects.
More than $100billion of projects delayed, suspended or postponed
The fall in oil price has seen more than $100billion of spending on new projects suspended, postponed or stopped, according to new research. According to research conducted for business broadsheet the Financial Times, companies including Shell, BP and ConocoPhillips and Statoil have moved to prevent capital spending on 26 major projects in 13 countries. Thousands of jobs have been lost across the globe as companies look to save costs during the price decline.
Big projects could be suspended amidst oil price dip
Global oil and gas exploration projects worth more than £95billion are likely to be put on hold next year as plunging oil prices render them uneconomic, new figures show. The shelving of developments around the world could put a severe constraint on supplies by the end of the decade, it is feared. As big oil fields that were discovered decades ago begin to deplete oil companies are trying to access more complex and hard-to-reach fields, which in some cases are deep under sea level.