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June 15, 2020

Coronavirus company news summary – Scotland announces £62m support for energy sector – PTT to trim investment

By Jessica Paige

Thailand’s state-owned oil and gas company PTT has announced plans to trim its 2020 investment budget by around 10-15% this year. The move will reduce planned expenses by up to $1.2bn according to Reuters. The company also anticipates some delays in several projects due to the impact of Covid-19 pandemic.

Canadian oil sands companies have scrapped a nearly C$2bn ($1.47bn) investment plan to support green initiatives. The move was taken as part of cost-cutting measures amid the Covid-19 crisis, reported Reuters. Greenhouse emissions for oil sand extraction are usually higher compared to conventional oil recovery processes. Accordingly, the producers face higher pressure to reduce emissions and invest in green initiatives.

The Scottish government has announced a £62m fund to support the energy sector which is scrambling to recover from the impact of Covid-19 and oil price crash. The Energy Transition Fund will be utilised over the next five years to assist the companies to further diversify the businesses and attract private sector investment.

TechnipFMC team has been assisting in Covid-19 response efforts in Congo and Angola with practical donations. The initiatives included providing personal protective equipment to the health workers. The company has also ramped up efforts to support local orphanages in procuring necessary food supplies amid the pandemic.

 

 

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