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May 22, 2020

Coronavirus company news summary – EnQuest reports strong production – US reduces drilling royalties

22 May

UK-based exploration and production company EnQuest has reported strong production in the first four months of the year despite the oil price crash following the Covid-19 pandemic. The company produced an average of 65,938 barrels oil equivalent per day in the four-month period, above the top end of its full-year 2020 production guidance.

The US Government has reduced royalties for several companies involved in oil and gas drilling activities on federal lands, Reuters reports, citing a government database. According to the database, royalty rates were reduced on at least 76 drilling leases in the state of Utah.

Qatar Petroleum is set to reduce its capital spending by around 30% this year due to the impact of the Covid-19 coronavirus pandemic, the company’s CEO told Reuters. However, the company plans to expand its LNG capacity by the middle of this decade to remain on course. Qatar Petroleum also said that it will not reduce gas exports despite lower demand.

India’s oil demand is expected to remain weak and may take months to return to pre-pandemic levels, Bloomberg reports. Fuel consumption in the country dropped by up to 70% after the government imposed lockdown and restricted movement. Currently,  consumption is around 40% below last year’s levels.

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