Liquefied natural gas (LNG) shipper GasLog and its New York-listed spinoff, GasLog Partners, have taken COVID-19 mitigation measures to ensure operations. GasLog noted in its statement there have been no known cases of COVID-19 infection amongst the group’s sea-going or shore-based personnel. Durin
In the downturn of 2020, global exploration & production operators will only be able to cut supply chain costs by up to 12%, a Rystad Energy analysis shows.
Africa-focused oil and gas company Lekoil has approved the immediate and accelerated implementation of the company’s general and administrative (G&A) cost-reduction measures due to the significant drop in oil prices.
BP has underlined there will be no layoffs in the next three months as a result of coronavirus cost-cutting.
Polarcus has come up with a $15 million cost reduction plan to navigate the current uncertainty facing the marine seismic acquisition market due to the combined impacts of the COVID-19 pandemic and oil price volatility.
The worldwide natural gas sector has been impacted by a “triple whammy” of coronavirus, oil price crash and LNG oversupply, the consultancy Wood Mackenzie said in a report on Wednesday. “While the collapse of LNG prices towards US production break-evens was foreseeable, the narrative for the rest of
Southeast Asia’s rig market, which was poised for growth in 2020, is now set for a decline. Several oil companies have already made significant cuts to their 2020 capex budgets due to the impact of the Covid-19 pandemic and the ongoing oil price war, a Rystad Energy’s analysis shows.
Under Rystad Energy’s updated base case scenario of $34 per barrel in 2020 and $44 per barrel in 2021, global capital expenditure for exploration & production firms is expected to drop by up to $100 billion this year, about 17% versus 2019 levels.
Expecting the spot market for 2020 to be significantly weaker than previously predicted, Helix Energy plans to slash its capex by 20 per cent.
Just as the number of blank sailings out of China by container carriers started to subside, the industry is bracing for another surge of void sailings on the Asia-Europe trade as the coronavirus pandemic spreads to Europe. The number of blank sailings jumped from 2 to 45 on the main deep-sea trades
Apart from the ongoing health crisis, the cruise industry is currently also faced with an economic crisis.
Cairn Energy has made significant reductions and deferrals regarding its 2020 program, representing an overall 23 percent reduction in capital expenditure for the year.
The Green Maritime Methanol consortium achieves a new project milestone.
Sharp oil price drop and the global coronavirus pandemic have pushed Norwegian seismic survey company EMGS to operate in a low-cost setup to preserve sufficient liquidity.
