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Month: April 2020

Southeast Asia rig utilization targeted for 18% drop

April 1, 2020
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Southeast Asia’s rig market, which was poised for growth in 2020, is now set for decline. Several oil companies have already made significant cuts to their 2020 capex budgets due to the impact of the Covid-19 pandemic and the ongoing price war, a Rystad Energy’s analysis shows. E&Ps in Southeast Asia have been very cautious by locking in

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COVID-19 puts brakes on two ExxonMobil projects

April 1, 2020
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As a result of the novel Coronavirus (COVID-19), approvals for two major ExxonMobil projects in the Stabroek Block have been stalled. This was confirmed with head of the Environmental Protection Agency (EPA), Dr. Vincent Adams. During an interview with this newspaper, Dr. Adams recalled that ExxonMobil would have initiated steps to pursue a fourth development project at the

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Will shale win the battle?

April 1, 2020
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The bruised and battered U.S. shale industry is poised to emerge from the oil crash a winner, according to Goldman Sachs Group Inc. Shale’s high-pressured wells and short drilling time mean the industry is well positioned to benefit if the current plunge in oil causes long-term damage to production capacity, resulting in a price jump when demand returns,

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