OPEC member Algeria has decided to freeze tax payments for companies affected by the Covid-19 crisis. The move comes despite the fall in state revenue following the drop in global crude prices. Algeria’s oil and gas sector accounts for nearly 93% of the country's export revenue.
OGUK, a representative body for the UK’s offshore oil and gas sector, will host a webinar later this week to assess the lessons learned from the Covid-19 pandemic. The number of suspected Covid-19 cases on offshore facilities continue to drop due to ‘effective industry-wide measures’. The webinar will be open to all industries, companies and individuals.
PetroTal has resumed production at the Bretana Oil Field, an onshore field in Peru. The company suspended operations at the field in May after the local government issued a directive related to Covid-19. Currently, production levels stand at pre-shutdown levels of 11,500 barrels of oil per day.
Cairn Energy is set to sell its 40% stake in the Rufisque, Sangomar and Sangomar Deep (RSSD) contract area offshore Senegal to Lukoil. As agreed, Lukoil will pay $300m in cash and additional $100m when production commences at RSSD.
Read more here.