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Coronavirus company news summary – Oil and gas market outlook remains uncertain – LNG investments plummet in 2020

09 Sep 2020 (Last Updated September 9th, 2020 09:27)

9 September

Baker Hughes CEO Lorenzo Simonelli has said that the outlook for oil and gas markets continue to remain uncertain due to the Covid-19 pandemic. At an event, he also said that the company is planning to rationalise the business in the wake of current market situation. The changes may include shedding non-core business lines, reported Reuters.

New liquefied natural gas (LNG) investments have plunged this year amid Covid-19 pandemic and weak demand. According to a Reuters report, no LNG export projects could be approved this year due to uncertain market conditions. Several companies chose to delay potential projects as well as write down investments in existing plants.

Russia is planning to ready its incomplete oil wells in a bid to regain its market share once demand recovers following the Covid-19 crisis. According to a Reuters report, Russia aims to start operating the unfinished oil wells after the current production cut deal completes in 2022. OPEC and other allies, including Russia, agreed to trim output by 7.7 million bpd until December to revive oil prices.