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August 11, 2020

Coronavirus company news summary – Norway to trim oil loadings – Job losses in US oilfield services sector accelerate

By Jessica Paige

11 August

US-based Occidental Petroleum has reported a loss of $8.35bn in the second quarter of this year on weak oil prices and write-downs. This comes after the company trimmed the value of its assets by $6.6bn, reported Reuters. Occidental, struggling with increasing debt, has already reduced its work force, slashed dividend and trimmed expenses to improve capital flow.

According to a Bloomberg report, Norway may reduce oil supplies to prevent a global glut as crude demand plunged following the Covid-19 pandemic. Norway’s main oil loadings are expected to decline by 261,000 barrels per day next month, the report added citing shipping schedules. Norway is not a member of the OPEC+ alliance, which has committed to reduce oil supplies to revive prices.

The rate of job losses in the US oilfield services sector has accelerated last month, Bloomberg reported citing data from Petroleum Equipment and Services Association. In July, the sector axed 9,344 jobs, a jump of 43% from the number of layoffs registered in June. Since the pandemic, the oil field services have lost more than 99,000 jobs.

Algerian energy minister Abdelmadjid Attar told Ennahar TV that the country is planning to launch an international tender for exploration early next year. This comes when the North African nation is anticipating a fall in gas exports from 45 billion cubic metres in 2020 to around 26 to 30 billion cubic metres in 2025. Earlier, Minister Attar also anticipated that energy revenues will plummet this year due to the impact of the pandemic.

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