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April 17, 2020

Coronavirus company news summary – Crude demand at all-time low – Peregrino field delayed – ConocoPhillips cuts spending – Covid-19 hits Gulf of Mexico platforms

17 April

OPEC trims crude demand forecast to 30-year low

The Organisation of the Petroleum Exporting Countries (OPEC) has warned that crude demand may fall to the lowest level in three decades due to the impact of the Covid-19 pandemic. According to OPEC, oil demand will be around 20 million barrels a day on average in the second quarter of this year. The figure represents the lowest demand since 1989, Bloomberg reports.

Covid-19: Equinor’s Peregrino field faces construction delays

The Covid-19 pandemic has delayed construction work at Equinor’s Peregrino oilfield off the coast of Brazil by nearly two months. The delays have been caused by logistical difficulties created by the global outbreak, Reuters reports, citing sources familiar with the matter. Equinor is currently installing a third oil platform at Peregrino to boost recoverable reserves.

ConocoPhillips to reduce spending by further $1.6bn

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American energy company ConocoPhillips has decided to trim its 2020 operating plan capital expenditures by an additional $1.6bn due to the effects of the Covid-19 pandemic. This is in addition to the previously-announced reduction of $700m. Now the company plans to spend $4.3bn this year. Additionally, ConocoPhillips will reduce production by 225,000 gross barrels of oil per day.

Covid-19 cases confirmed on Gulf of Mexico platforms

The US Coast Guard has said as of 8 April more than 26 workers deployed on Gulf of Mexico platforms have tested positive for Covid-19, according to AP. At that, around seven of the 680 platforms in the region had been affected by the coronavirus.

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