African oil explorers are rapidly revising budgets to take account of the latest market developments. Global oil demand is forecast to fall by 6m b/d in April as countries shut down in an attempt to control the spread of the Covid-19 pandemic. At the same time, the collapse of Opec production cuts means countries led by Saudi Arabia are increasing output to try to preserve market share. West Africa-focused Kosmos Energy said on 17 March it would reduce its planned 2020 capital expenditure by about a third, suspending the dividend and working with BP to defer Phase 1 spending on the Greater Tortue LNG project offshore Mauritania and Senegal.
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