KeyFacts Energy provides the following update on global capital expenditure plans: 

Canadian Natural Resources announced that its 2020 capital budget will be $250 million higher than last year as it adds about 60 drilling locations across Alberta and puts three additional rigs to work. This follows the Alberta government decision to eliminate curtailments for some conventional drilling in the province, and because of reduced corporate income tax rates. See full details

CNOOC’s total capital expenditure for 2020 is budgeted at RMB85 billion to RMB95 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total capital expenditure, respectively.

In 2020, the Company plans to drill 227 exploration wells and collect approximately 27 thousand square kilometers 3-Dimensional (3D) seismic data. See full details

Range Resources Corporation announced a 2020 capital budget of $520 million, which is expected to maintain daily production at approximately 2.3 Bcfe. See full details

Cenovus Energy plans to invest between $1.3 billion and $1.5 billion in 2020, about 70% of which is sustaining capital primarily to maintain base production at its Foster Creek and Christina Lake oil sands operations. See full details

PetroTal Corp's 2020 capital program of US$99 million is expected to be fully funded with funds generated from operations and existing cash resources. This capital program will allow PetroTal to become a free cash-flowing company and reach 20,000 barrels of oil per day (“bopd”) from the Bretaña oil field, operated 100% by PetroTal, before year-end 2020. See full details

Genel Energy's 2020 capital expenditure is expected to be $160-200 million, of which $120-150 million will be cost recoverable spend on assets on production in 2020. See full details

Crescent Point Energy's 2020 capital expenditures budget of $1.10 to $1.20 billion is primarily comprised of sustaining capital and is expected to generate annual average production of 140,000 to 144,000 boe/d. See full details

Murphy Oil is planning 2020 capital expenditures (CAPEX) to be in the range of $1.4 to $1.5 billion with full year 2020 production to be in the range of 190 to 202 MBOEPD. See full details

Hess Corporation announced a 2020 Exploration & Production capital and exploratory budget of $3.0 billion, of which more than 80% will be allocated to high return investments in Guyana and the Bakken. See full details

SDX Energy's 2020 capex guidance of c.US$25.5 million predominantly relates to the completion of the Morocco 12 well drilling campaign, the drilling of the two exploration wells and well workovers planned for South Disouq, and a deposit on the booster compressor planned for South Disouq in 2021, up to three appraisal/development wells in Meseda and up to 10 workovers in North West Gemsa. See full details

EnQuest's cash capital expenditure of around $230 million includes the drilling programmes at Magnus and Kraken. The Group expects the spend to be weighted towards the first half of the year, with approximately $50 million of 2020 cash capital expenditure relating to a combination of deferred payments agreed with suppliers. See full details

Lundin Petroleum's 2020 development, appraisal, exploration and abandonment budget totals USD 1.27 billion and represents a 30 percent increase on 2019 capital expenditure. See full details

ConocoPhillips' 2020 operating plan capital guidance is $6.5 billion to $6.7 billion. The plan includes funding for ongoing development drilling programs, major projects, exploration and appraisal activities, as well as base maintenance. Capital spend is expected to be higher in the first quarter largely from winter construction and exploration and appraisal drilling in Alaska. See full details

TransGlobe Energy’s 2020 capital program of $37.1 MM (before capitalized G&A) includes $23.7 MM for Egypt and $13.4 MM for Canada. The 2020 Plan was prepared to focus on value accretive projects within its portfolio, maximize free cash flow to direct at future value growth opportunities and to maintain the Company’s production base. See full details

Ithaca Energy's 2020 capital expenditure programme is forecast to total approximately $250 million, including approximately $20 million of decommissioning expenditure. See full details

Oryx Petroleum has budgeted capital expenditures for 2020 of $106 million. See full details

Marathon Oil's capital budget of $2.4 billion, down 11% from 2019, includes development capital budget of $2.2 billion, down 9% from 2019, and Resource Play Exploration (REx) capital of $200 million. See full details

Noble Energy’s 2020 capital program has been established at a range of $1.6 to $1.8 billion, a reduction of approximately $560 million from 2019. This capital range does not include any midstream capital investments funded by Noble Midstream Partners LP. See full details

Talos Energy's 2020 capital expenditures are expected to be between $520.0 million and $545.0 million, inclusive of plugging and abandonment, which is expected to be fully funded within cash flow from operations. See full details

International Petroleum Corporation's 2020 capital expenditure budget is USD 149 million, targeting production growth in all of their countries of operations. The budget includes continued oil drilling and gas optimization activities in the Suffield area, Onion Lake Thermal facilities work and Blackrod project activities in Canada, as well as carry-over drilling expenditures on the Bertam field in Malaysia. See full details

Concho Resources is planning to invest $2.6 to $2.8 billion in 2020. The Company's activity is expected to result in 300 to 320 gross operated well completions with an average lateral length of 10,000 feet, as compared to 294 gross operated well completions with an average lateral length of approximately 9,000 feet in 2019. See full details

KeyFacts Energy: CapEx news