Coronavirus company news summary

15 April 2020 (Last Updated April 15th, 2020 09:21)

14 April

Brazilian oil regulator ANP has confirmed 126 cases of Covid-19 among all oil and gas workers in the country. In an email to Reuters, the regulator added that the infected cases include 74 workers who recently returned from offshore oil platforms. Additionally, the company has identified 897 suspected cases of coronavirus.

Energy company Phillips 66 has made a $3m commitment to Covid-19 relief efforts in the US and UK. This includes contributions of $1m to the Greater Houston Covid-19 Recovery Fund and $500,000 to the Houston Food Bank. The remaining amount will be directed to support the frontline organisations active in areas the company operates in.

Georgian Oil and Gas (GOGC) has decided to defer a planned Eurobond issue until a ‘more favourable period’ due to the pandemic. The state-owned company was scheduled to issue Eurobonds worth €300m on the London Stock Exchange this month, Reuters reported. With the proceeds, GOGC plans to build another power plant and refinance a previous issue set to mature next year.

The Government of Saskatchewan in Canada has announced relief measures for the oil and gas industry. These include reducing the administrative levy with fee payments deferred until October. Additionally, the government has extended the deadlines for filing routine reports for the companies, but the measures do not include any financial assistance.

India’s ONGC workers deployed at offshore platforms are stretching beyond their regular shift, as their replacements have not arrived after the nationwide lockdown. Usually, the workers are expected to work for 14 days before being replaced by another team. Currently, around 4,500 ONGC employees and officers are deployed across oil and gas fields in the Arabian Sea, and in installations in the Bay of Bengal, reported PTI.