Neptune Energy is feeling the Covid-19 pinch. The UK-based firm says it is further slashing its $1.1bn capex guidance to $700-800mn. And while most of these cuts fall on its core area of operations in Europe, its North Africa operations are also affected.
In Algeria, Neptune is deferring tendering for the second phase of its 450mn cfd Touat gas project to 2021. The first phase of long-delayed Touat started up in September and only just hit peak capacity in April (MEES, 3 April). Touat Phase II “covers the remaining eight fields which will help to maintain the plateau of 450mn cfd” (MEES, 13 September 2019). (CONTINUED - 286 WORDS)