Algeria’s Sonatrach and Russian company Lukoil have signed a memorandum of understanding (MoU)
Exploration & Production
Lebanon’s first offshore well fails
Total’s well offshore Lebanon has not been able to find a reservoir in the Tamar formation, which was the target of this exploration well
Global E&P revenues to fall by US$1 trillion in 2020: Rystad Energy
The devastating effect of the COVID-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020
‘New licensed offshore acreage is likely to fall by about 60 per cent’
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
‘Investors unlikely to commit exploration budget to licensing rounds in near term’
Investors have not faced both a decrease in global oil demand and a significant and potentially prolonged increase in oil supply at the same time before, which has created unparalleled uncertainty
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