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April 8, 2020

Coronavirus company news summary

By Matthew Farmer

Wednesday 8 April

UK-based company Ineos has postponed the planned shutdown of the Forties Pipeline System to 2021 due to the Covid-19 crisis. Originally, the pipeline was scheduled to be shut down in June this year. Forties is one of the key oil and gas pipelines in the UK and pumps around 450,000 barrels of oil daily, reported Reuters.

BP Mauritania Investments has issued a force majeure notice to Golar LNG-subsidiary Gimi MS, seeking a delay in the delivery of FLNG facility. In the notice, BP highlighted that due to the recent Covid-19 outbreak, it will be unable to receive the FLNG facility ‘Gimi’ on the target connection date in 2022. Currently, it estimates the delay to be around one year.

US-based oil and gas company ExxonMobil has trimmed its 2020 capital spending by 30% in response to the Covid-19 crisis. Under the revised plan, the company is now expected to invest around $23bn this year. Additionally, ExxonMobil plans to cut its operating expenses by 15% to improve capital flow.

India is planning to strengthen its petroleum stocks with crude supplies from the UAE amid the Covid-19 crisis. Recently, Indian Petroleum Minister Dharmendra Pradhan had discussed the move during a video conference with ADNOC group chief executive Sultan Ahmed Al Jaber, reported Times of India. The Indian minister also requested Al Jaber to boost LPG supplies as the current lockdown in the country led to an increase in domestic fuel consumption.

Solaris Oilfield Infrastructure, a US-based company providing oilfield services, will reduce direct operating costs and other expenses in the wake of Covid-19 pandemic. The company has also cut its workforce and lowered 2020 capital expenditures budget to $10m to strengthen its balance sheet.

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