Covid-19 forces Mubadala to cut Thailand spending

摘要

MUBADALA Petroleum has reduced by $14 million its work programme and budget for the Manora oilfield project off Thailand in the wake of the global coronavirus pandemic. Joint venture partner Tap Oil last week said the Manora partners had agreed to cancel a planned exploration well, saving a gross $3 million. A further $7.3 million is expected to be saved through operational expenditure reductions and the cancellation of a planned workover campaign, while a further $2.8 million in brownfield capital expenditure has been deferred until 2021. The joint venture also is reviewing a planned three-well development plan at Manora, considering the economics, along with cost and production optimisation plus risk mitigation opportunities before taking the final investment decision "in the near future".