Coronavirus company news summary – 16 US energy firms filed for bankruptcy last month – India’s fuel demand remains weak

12 August 2020 (Last Updated August 12th, 2020 09:29)

12 August

A local civic body official has said that around 31 ONGC employees deployed at an offshore facility near Mumbai have tested Covid-19 positive. The infected employees spent 15 days at the facility, Deccan Herald reported citing the local official. The ONGC has an offshore oilfield in the Arabian Sea.

An additional 16 US-based energy firms filed for bankruptcy last month, Reuters reported citing a report by law firm Haynes and Boone. Since the oil price crash, more than 50 oil and gas companies, including 29 exploration and production firms, have sought protection. The law firm data revealed that the companies have a combined debt of more than $49.69bn.

Fuel demand in India remained weak last month as authorities re-imposed restrictions in many parts of the country to restrict the spread of Covid-19, Reuters reported citing data from the Petroleum Planning and Analysis Cell. Refined fuel consumption amounted to 15.68 million tonnes in July, a 3.5% drop from the levels recorded in June. In the same period, diesel consumption also dropped in the country.