Woodside shelves expansions on Covid19 and oil price
Energy major Woodside has announced that it has deferred up to $50Bn in in expansion plans amid the market turmoil. Key projects put on ice include the $17Bn Scarborough and $30Bn Pluto expansion. The decision is only partly due to the Covid19 impacts with the massive fall in oil prices over the past couple of months also a driving factor. The company announced that capex in 2020 will reduce by 50% as others such as Beach Energy (down 30%) follow suit.
The broader mining industry is trying to adjust to the fast changing market with border restrictions and grounded airlines threatening the FIFO workforce. FMG has already announced that it will reduce its FIFO flights by 40% in response.
Read more at The Age here.