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July 9, 2020

Coronavirus company news summary – Irving Oil to lay off 6% of its workforce – OMV’s Q2 output falls 5%

By Jessica Paige

9 July

Irving Oil has announced that it is downsizing 6% of its global workforce due to the economic fallout as a result of the coronavirus pandemic. This constitutes to layoffs of about 250 people from its workforce in Canada, the US, Ireland and the UK.

Vietnam’s state-owned firm PetroVietnam reportedly considers its investment in renewable energy sources such as wind farms and floating solar panels. The latest move comes as the company’s domestic crude oil production has ‘peaked’ at many of its offshore fields, Reuters reported.

Austrian oil and gas firm OMV’s Q2-2020 production output fell 5% compared to Q2-2019 and fell 2% from the first quarter this year. The drop is largely due to lockdown measures in wake of the Covid-19 outbreak, Libyan disruptions, as well as plunging demand.

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