Oil and Gas News

Central Petroleum halts project development

Central Petroleum is not anticipating any material impact on its production capacity, but due to the extraordinary market conditions has introduced a strong focus on the resilience of the business.

The company has advised that its operations are financially resilient, however, depressed oil and gas prices do have an impact on free cash flow, which is used to fund growth activity.

Central reported that logistical challenges caused by COVID-19 were hindering the company’s ability to execute current and planned discretionary projects.

As a result, Central has decided to temporarily pause its final investment decision (FID) for the Range coal seam gas (CSG) project, located in the Surat Basin, Queensland.

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