UAE’s Dana Gas delays its decision on Egypt assets sale due to market turmoil
Dana Gas delays its decision on Egypt asset sale on covid fears: Dana Gas has postponed its decision on whether it will sell its Egypt assets because of the global covid-induced market turmoil, Reuters reports, citing two unnamed sources close to the talks. Plunging oil prices probably haven’t helped matters. The Emirati energy company is […]
Energean Power FPSO hull sailed away from China to Singapore
Karish Project Update – FPSO Hull Sailaway from China: Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, is pleased to announced that its FPSO hull sailed away from the COSCO yard in China on 3 April 2020. The hull will now be towed to the Sembcorp Marine Admiralty Yard […]
Energean and Edison agree to exclude Algerian assets from E&P deal
Energean Oil and Gas and Edison have agreed to exclude Edison E&P’s Algeria assets from the previously agreed acquisition. As previously reported, Energean entered into a conditional sale and purchase agreement (SPA) on July 4, 2019, to acquire Edison E&P from Edison for an initial consideration of $750 million, with the completion of the SPA […]
Scatec Solar secures guarantees with MIGA for Benban Project in Egypt
Scatec Solar has secured guarantees with the Multilateral Investment Guarantee Agency (MIGA) covering its equity investments in the Benban project, the company said in a statement. The guarantees cover 90% of investments by Scatec Solar for up to 15 years against the risks that it will be unable to legally convert EGP into hard currency […]
Energean might reduce its budget for Egypt by $140 million
Mediterranean gas group Energean might cut its budget for Egypt by USD 140 million as oil and gas companies cut back on spending amid the covid-19 pandemic and a simultaneous oil price war. Energean has already cut its planned outlay in Greece and Israel by USD 155 million. Mediterranean gas group Energean said it would […]
Chevron cuts 2020 capital spending by $4 bn in response to COVID-19 outbreak
Chevron next to cut spending in response to COVID-19 effects: Chevron Corp. has cut its 2020 capital spending plan by $4 billion, or 20%, to $16 billion, in response to market conditions. Chevron Corp. has cut its 2020 capital spending plan by $4 billion, or 20%, to $16 billion, in response to market conditions. The […]
Eni to cut capex by 25% this year to temper the impact of coronavirus
Italian energy group Eni will cut its capital spending by a quarter this year, and more next, as it moves to mitigate the impact from falling commodity prices because of the coronavirus emergency. In a statement on Wednesday, the state-controlled energy major said it would cut its planned capex by about 2 billion euros ($2.2 […]
Total to slash over $2.5 billion from its E&P business as oil crisis bites
In an effort to alleviate the concequences of the recent oil price plunge, French oil major Total has revealed its plan to reduce the capex for 2020 by more than $3 billion and save about $800 million in operating costs compared to 2019. Total will also suspend its buyback program. Patrick Pouyanné, Chairman & CEO […]
GHP Exploration farming out 50% of its share in West Gebel El Zeit Concession
GHP Exploration is farming out a 50% working interest in its West Gebel El Zeit concession, situated in the prolific Gulf of Suez basin. GHP Exploration is announcing an opportunity for a farm-in (up to 50%) into its attractive and prospective – West Gebel El Zeit concession, Egypt. The concession is adjacent to producing oilfields […]
Shell slashes capital expenditure, reduces operating costs
Operator will take further strategic decisions as necessary due to coronavirus: Anglo-Dutch supermajor Shell is slashing operating costs, reducing planned capital expenditure by at least 20% this year alongside “material reductions in working capital” as the company strives to remain buoyant. Shell acts to reinforce business resilience and financial strength As the COVID-19 virus spreads […]
