Joining other oil and gas operators in actions to safeguard their businesses amid coronavirus crisis and the oil price war, Austrian oil and gas company OMV has decided to reduce its investments in 2020 by 20 percent, cut costs by around $217 million, and delay acquisition projects.
Africa’s expected production is set to decline for most of this decade and energy-reliant state budgets to take significant hits, as top planned oil and gas projects were expecting sanctioning under an oil price assumption of between $55-$60 per barrel, according to energy intelligence firm Rystad E
Oslo-listed RORO owner and operator Wallenius Wilhelmsen has started temporary layoffs in the USA and Mexico after automaker plants closed in line with lockdown measures imposed by governments and industry bodies to stop the coronavirus from spreading. As a result, Wallenius Wilhelmsen is suspending
The number of Maersk employees working from home has increased considerably amid lockdown measures implemented across Europe and Asia to contain the coronavirus pandemic. “I am proud to experience how this transition has been managed rapidly by our teams without any major impact on our ability to ke
The first two quarters of 2020 look very promising for the tanker markets, according to Nikolas Tsakos, President and CEO of Tsakos Energy Navigation (TEN). The estimate comes at a very turbulent time for tanker owners marked by oil price collapse after the fallout between Russia and OPEC countries
More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact analysis shows, also revealing that shale services will bear most of the reductions.
Japan’s Inpex Corporation is reviewing its investment plans and looking into other cost-reducing measures due to the current market situation and the impact of the coronavirus and the oil price decline on its business operations.
