More than half of the world’s planned licensing rounds are likely to be cancelled this year due to the combined effect of the COVID-19 pandemic and the ongoing oil price war, a Rystad Energy impact analysis forecasts
Exploration
Nigeria to cut crude oil production up to 10 mmbbl
Nigeria has joined other OPEC+ counterparts in a historic curtailment of crude oil production to rebalance and stabilise the global oil markets
South Sudan joins OPEC, Russia, and Saudi Arabia to stabilise oil market
Puot Kang Chol, minister of petroleum of South Sudan, has joined its other OPEC and OPEC+ counterparts to agree on a historic deal to cut 9.7 mmbbl of oil per day of supply starting 1 May
Oil seen down 9.4 per cent, jet fuel down 31 per cent, road fuel down 9.4 per cent in 2020
Rystad Energy’s newest forecast for oil demand now projects a decrease of 9.4 per cent for 2020, or 9.4 million barrels per day (bpd) y-o-y
ExxonMobil cuts capex budget by 30 per cent in response to COVID-19 outbreak
Oil and gas company ExxonMobil said it is reducing its 2020 capital spending by 30 per cent and lowering cash operating expenses by 15 per cent in response to low commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic
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