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June 25, 2020

Coronavirus company news summary – Gas industry expects strong demand post virus – Petrofac anticipates material impact

By Jessica Paige

25 June

According to Reuters, the gas industry is expecting strong demand after the Covid-19 crisis is over. However, the pandemic has delayed several projects, which in turn may affect supplies in the next four years. Globally, projects worth more than 140 million tonnes were deferred.

State news agency APS said that Algerian President Abdelmadjid Tebboune has reshuffled the government. The move comes at a time when the economic crisis has deepened due to the fall in oil revenues after the Covid-19 pandemic. As part of the reshuffle, Algeria’s central bank chief Aymene Benaberahmane took over the Economy Ministry.

Oilfield services Petrofac has said that trading and awards are materially impacted by Covid-19 pandemic and subsequent collapse of oil prices. In a trading update, the company also said that it is on track to reduce expenses by $125m this year and up to $200m in 2021.

Occidental Petroleum has sought bids for the properties that it is divesting in Wyoming and Colorado. The move was announced by Wyoming Governor Mark Gordon. Occidental is burdened with huge debt following the acquisition of Anadarko Petroleum last year ahead of the oil price crash.

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