ASX-listed Oil Search has pledged to maintain a disciplined approach to spending and costs even as crude oil rallies to its highest prices in more than a year.
One in three tankers loaded with cargoes of Australian LNG in June is either anchored at sea or taking a longer-than-usual journey to its destination.
The big write-downs in the value of oil and gas assets are not a surprise,it will be the oil majors'underlying profits that will reveal the havoc caused by the coronavirus.
Australian-listed Oil Search will wipe $570 million off its assets and could abandon some drilling projects amid warnings the price crash may not be temporary.
The Australian oil and gas producer is axing every third job as the company grapples with plunging fuel demand in the coronavirus crisis.
Australian-listed Oil Search hopes the raising will help it weather weak oil prices and the turmoil engulfing energy markets.
The sudden crash in global oil prices has prompted the Australian oil and gas producer to slash its spending budget by up to $600 million.
The value of Australia's energy sector plummeted $17 billion on Monday as the global oil price suffered its sharpest drop since the Gulf War.
Oil Search and its partners in a plan to expand PNG's gas fields have flagged a desire to revive negotiations with the nation's new government.
The local bourse has edged higher,as Coles,Woolworths and JB Hi-Fi surged to record highs and offset falls among oil producers and energy firms.
The ASX shed 1.3 per cent,after deepening concerns about the coronavirus outbreak caused China's sharemarkets to tumble when they reopened after a 10-day break.