COVID-19, cheap oil set to hit African new projects and slash state budgets
Most of Africa’s top planned oil and gas projects were expecting sanctioning under an oil price assumption of between US$55 and US$60 per barrel
Industry
Lower oil prices to weaken exporters’ credit profiles: Moody’s
Credit rating agency Moody’s has said in a report that the severity of the credit impact of lower oil prices on oil- and gas-producing sovereigns will vary from country to country, driving divergence in their creditworthiness
Equatorial Guinea grants relief to oil and gas services companies
The Ministry of Mines and Hydrocarbons (MMH) of the Republic of Equatorial Guinea has decided on the waiving of its fees for services companies in the country
Oil and gas projects spending could fall by 68 per cent y-o-y: Rystad Energy
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
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
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