MODEC Senegal S.A.S.U. (MOSEN) has signed a contract with Woodside Energy for the operations and maintenance of a Floating Production Storage and Offloading (FPSO) vessel for the Sangomar Field Development Phase 1 project offshore Senegal

The COVID-19 pandemic and weak global economic outlook, coupled with fragile energy demand has resulted in a decline in oil and gas prices

The already sluggish pace of global progress on energy efficiency is set to slow further this year as a result of the economic impacts of the COVID-19 crisis, deepening the challenge of reaching international energy and climate goals and making stronger government action critical, according to the International Energy Agency (IEA)

Despite concerns on oversupply for Q1 2021, the group agreed to increase output by 500,000 b/d in January. Production restraint is set at minus 7.2 mmbbl per day instead of the Q4 2020 level of minus 7.7 mmbbl per day