The diabolical state of the oil industry means write-downs in Australia are inevitable

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The radical survival plan outlined by Oil Search on Wednesday serves as an industry portent for what should be an ugly half-year of asset write-downs from Australia's energy producers courtesy of the flagging oil price.

Oil Search’s decision to slash 34 per cent of its workforce and slice its production costs by 8.6 per cent, having already raised $1.1 billion in April to bolster its balance sheet, says plenty about the diabolical state of the oil industry. The company has also signalled it could sell down its stake in its crown jewel PNG asset.

Read more: https://www.smh.com.au/business/companies/the-diabolical-state-of-the-oil-industry-means-write-downs-in-australia-are-inevitable-20200701-p5582e.html

The oil price outlook is a burning question for producers.

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