According to an impact analysis from Rystad Energy, exploration and production (E&P) companies are likely to reduce project sanctioning by up to US$131bn, or about 68 per cent y-o-y, as they batten down the hatches to weather the storm
Industry
Total announces immediate action plan in context of sharp decrease in oil prices
Patrick Pouyanné, chairman and CEO of Total, addressed the Group’s employees on 19 March to mobilise them in the face of the challenges ahead
Nigerian government jettisons borrowing US$22.7bn
Nigerian central government would not borrow US$22.7bn for the time being, as it streamlines its finances in the midst of depleting revenues brought out by the fall in oil prices
History’s largest oil glut just months away, says Rystad Energy
The largest oil supply surplus the world has ever seen in a single quarter is about to hit the global market from April, creating an imbalance of around 10mn bpd
Nigeria bans public service officials from travelling outside the country
Nigeria bans its public service officials from travelling outside the country, stops issuance of visa and restricts from COVID-19 prone countries
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