Hunkering down for prolonged low prices, Neptune identifies cost cuts - News Summed Up

Hunkering down for prolonged low prices, Neptune identifies cost cuts


Neptune Energy bosses insist the firm is “resilient enough to meet the challenges of today” as they hunker down for a prolonged period of low oil and gas prices. Executive chairman Sam Laidlaw said Neptune had reacted to the crude price slump and Covid-19 outbreak with “speed and decisiveness”. Neptune, operator of the Cygnus field in the UK southern North Sea, has also implemented a “pandemic emergency plan”, altering shift patterns, cutting non-essential activities and screening workers. Output was hindered by delayed start-up and slow ramp-up at the Touat project project in Algeria, and in the North Sea due to third-party issues related to export systems. Those include the 50m barrel Seagull field, which is being developed as a tieback to BP’s Etap platform in the central North Sea.


Source: The North Africa Journal March 31, 2020 08:26 UTC



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