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April 9, 2020

Coronavirus company news summary

By Matthew Farmer

The Norwegian Petroleum Directorate (NPD) has said the Covid-19 pandemic has dampened exploration activity on the Norwegian shelf of the North Sea. However, it expects production will be maintained for the time being. The government agency also said several oil and gas companies have reduced their operations during this crisis, a move that may affect production in the long-term.

Oilfield services provider KLX Energy Services has taken additional cost-reduction measures in response to the economic impact of coronavirus. The move includes laying-off a further 170 employees, after the company axed around 360 jobs last month in a cost rationalisation programme. KLX has also started a widespread wage reduction programme to further reduce operational costs.

Australian natural gas producer Woodside has established an AUD$10m ($6.22m) Covid-19 Community Fund. The funding will be used to deliver essential services to communities in Western Australia (WA), through Lifeline WA and Foodbank WA. The company added that it is also working with community stakeholders and local authorities to support Covid-19 relief efforts.

Industry body Subsea UK has joined the national effort to tackle the pandemic by offering relevant technological expertise. The organisation said its underwater engineering member companies often can supply or have the necessary expertise in manufacturing breathing apparatus, life support equipment, valves and other components.

The service is expected to be useful when the demand for breathing equipment and ventilators have increased due to the outbreak.

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