10 June
International Energy Agency (IEA) has said that global natural gas demand is set to fall by 4% this year due to the impact of Covid-19 pandemic and mild winter. In its annual outlook, IEA said that the demand is expected to drop by 150 billion cubic metres (bcm) to 3,850 bcm this year.
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Shares of Chesapeake Energy plummeted nearly 66% after a Bloomberg report said that the shale oil and gas producer is planning to file for bankruptcy. The company was struggling with high debt even before the Covid-19 crisis broke. However, Chesapeake refused to comment on the volatility in its stock.
Norwegian firms Aker BP and Equinor have decided to advance with several offshore projects, a day after the government announced a cash injection to support the oil industry amid Covid-19 crisis. The national parliament has approved €760m of tax benefits for petroleum companies to support new field development.
According to a Reuters report, US oil and gas companies have increased their outlay to renew insurance liability coverage for their top brass, as the sector anticipates a wave of bankruptcies due to plummeting demand amid Covid-19 pandemic. Several companies are planning to buy additional insurance to cover claims against their directors and officers.
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