Brent (above) has now fallen >25% since June...what are the E&Ps going to do...
Onshore flexibility, but not in the offshore
- Longer lead times, offshore spend tends to be committed vs. onshore
- Likely see cut back in E&A instead
Delayed payments
- Kurdistan, DNO and Genel are still to be paid for pipeline exports
- Egypt, TransGlobe has built up USD185m of receivables
- Nigeria, Seplat has built up USD215m receivables as government partners/stakeholders have been slow to pay
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