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April 14, 2020

Coronavirus company news summary

By Matthew Farmer

14 April

Indian state-owned energy company Oil and Natural Gas (ONGC) has cut its natural gas production by 15% as demand plummets as a result of the ongoing Covid-19 crisis. According to a PTI report, most factories have refused to take supplies as they suspend production, thereby reducing demand for natural gas. Currently, ONGC is delivering 53.4 million standard cubic metres of gas per day.

BP has started testing its offshore workers across the North Sea as Covid-19 continues to spread across the globe. The Financial Times reported the oil major has collaborated with a private Aberdeen-based clinic to conduct the tests, which are being conducted before workers are flown to offshore platforms.

Shell has decided not to proceed with a deal with Gazprom Neft, citing “external forces” according to Reuters. The companies signed the agreement to establish a joint venture to explore oil resources in the Arctic region of Russia last year at a Russian business forum.

Malaysian oil and gas company Petronas has said some of its projects may be delayed due to lockdowns and restrictions imposed in response to Covid-19 pandemic. The company plans to maintain its domestic spending this year, according to Reuters. Earlier, Petronas forecast it would keep its 2020 domestic capital expenditure around MYR26bn ($6bn) to MYR28bn.

Energy technology company Baker Hughes has announced it will slash its 2020 net capital expenditures by more than 20% due to the impact of Covid-19. The company expects to record a non-cash goodwill impairment charge of around $15bn in the first quarter of 2020. It has also approved a plan that involves restructuring, impairment, and other charges of nearly $1.8bn.

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