Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Europa Oil & Gas, one of the main investors in oil production plans at Wressle, announced today it had cut salaries and cancelled non-core contracts because of the coronavirus outbreak and oil price falls.
Production from the Wressle oil site near Scunthorpe will break even at $17.62 a barrel, the operator, Egdon Resources, has said. In an update, the company’s managing director, Mark Abbott, said: “Our modelling shows that the Wressle development is economically robust at and below the current oil price […]
Egdon Resources has got the go-ahead for 15 years of oil production at its Wressle site near Scunthorpe.
The moratorium on fracking, along with planning delays and weak commodity prices are a challenge for the future, Egdon Resources has concluded
You can keep up with the news here with our digest of headlines about UK fracking, shale and onshore oil and gas, updated daily.
The future of Europa Oil & Gas Limited depends on production this year from the Wressle well in north Lincolnshire, the company’s accounts have revealed.