Will Covid-19 kill the oil industry?
As Coronavirus lockdowns continue to spread around the world, the oil industry faces more disruption to demand and supply chains, with many margins and prices already collapsing.
Insights
Aberdeen energy conference five months away decides to ‘go virtual’
Aberdeen event organisers have offered little sign of normality resuming after deciding an event five months away should be held virtually.
Total shuts down Mozambique LNG on outbreak
Total has shutdown work at Mozambique LNG in order to manage an outbreak of coronavirus at the site in Cabo Delgado.
ExxonMobil workers freed in Nigeria
Rivers State has released the group of ExxonMobil employees it accused of entering the state in defiance of the lockdown intended to prevent the spread of coronavirus.
Asia Pacific M&A shake-up on the horizon
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
Employment lawyers call out ‘grey areas’ of coronavirus furlough scheme for oil and gas
Employment lawyers have criticised a lack of clarity in the government’s coronavirus jobs retention scheme, highlighting it is unlikely to prevent “difficult decisions” for the oil and gas sector.
$20 oil wouldn’t kill off UK production, but it isn’t a pretty picture, Rystad says
With the reality that Brent oil prices are scratching closer and closer to $20 per barrel, shut-ins are already happening around the world. Even if prices reach this threshold, the UK will avoid shut-ins and exploration is likely to continue in 2020, although cash flow and project sanctioning will suffer, a Rystad Energy impact analysis shows.
Singapore oil trader is said to have hidden $800million losses
The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading, suggesting a much bigger hole in the company’s finances than thought, according to people with knowledge of the matter.
ExxonMobil employees arrested in coronavirus crackdown
Rivers State has arrested 22 ExxonMobil employees for violating quarantine by entering the area from Akwa Ibom.
Lockdown: BP employee by day, Aberdeenshire dairy farmer by night
In rural Aberdeenshire in Scotland, BP’s Camilla Bush is working nights on her partner’s organic dairy farm, Forest Farm, as well holding down her day job as HR business partner.
Partnership forged to provide modular coronavirus screening stations in UK
Specialist medical support company, SSI Energy, has forged a strategic partnership with Texo Accommodation, part of Texo Group of companies, to deliver modular Coronavirus screening stations in the UK.
Pinsent Masons: Furlough scheme ‘unlikely’ to halt difficult decisions in energy sector
The furlough scheme is certainly helpful to energy sector employers and employees but there are some grey areas which mean businesses and individuals may not benefit as was intended.
Ledingham Chalmers: There is ‘real confusion’ on government’s coronavirus jobs scheme
Since the introduction of the job retention scheme on 20 March 2020 we have all had to rely on government guidance as to how the scheme will operate.
Nigeria’s banner oil hits $12, millions of barrels remain unsold
The real oil market is killing Nigeria.
Equatorial Guinea to ease regulations
Equatorial Guinea intends to make its petroleum sector more attractive by modifying regulations.
Canada’s Keystone XL pipeline faces coronavirus delay
Construction work on Canada’s major Keystone XL pipeline looks poised to stall mere weeks after the controversial project was given the green light by TransCanada (TC) Energy.
WATCH: North Sea rig crews clap for carers
North Sea rig crews have kept up the weekly tradition of clapping for the NHS and other key workers amid the Covid-19 pandemic.
Zenith extracts better terms on AAOG’s Tilapia
Zenith Energy has extracted better still terms from embattled Anglo African Oil & Gas (AAOG) on the sale of the Tilapia oilfield, in Congo Brazzaville.
Updated: ‘Disgrace’ as Worley sacks Sullom Voe Terminal workers without furlough
Worley has been branded a “disgrace” by union bosses after terminating workers without furlough at a Shetland oil and gas terminal.
Resilience package ‘in the works’ for North Sea sector to alleviate Covid-19 woes, OGUK boss says
A resilience package for the North Sea oil and gas sector is “under construction” to combat both Covid-19 and oil price-related concerns, according to an Oil and Gas UK (OGUK) director.
Messaging clear over North Sea Covid-19 testing protocol but ‘takes time’, OGUK director says
An oil and gas representative body said it has been “very clear” on the messaging over Covid-19 offshore testing, but that it “takes time” after one oil major sent workers offshore prior to receiving their results.
Updated: Shell divides opinion with 2050 net-zero ambition
Energy giant Shell has revealed its ambition to transform into a “net-zero emissions business” by 2050, at the latest.
Power to the people: Workers keep turbines spinning at Scotland’s largest wind farm during ‘unprecedented times’
While the Covid-19 pandemic has ground most of society to a crushing halt, Scotland’s essential services, supermarkets and homes still require abundant electricity.
Oil & Gas firms must continue preparing for IR35 reform
IR35 reform has been delayed, so what should Oil & Gas companies do now?
Looking after employee mental wellbeing
The North Sea offshore oil and gas industry isn’t immune from the effects of COVID-19, which are wide reaching and present significant challenges.