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July 1, 2020

Coronavirus company news summary – Shell to trim asset value by up to $22bn – India’s ONGC reports quarterly loss

By Jessica Paige

1 July

Shell has announced plans to reduce up to $22bn from the value of its oil and gas assets following the Covid-19 pandemic. The company also forecasted that the pandemic will have an impact on oil prices for at least three years, while sales will recover gradually.

Oil Search, a Papua New Guinea-focused oil and gas exploration and development company, is set to trim its workforce by nearly one-third due to weak oil prices amid the Covid-19 pandemic. The company reduced its workforce to 1,222 people, while an additional 137 will leave by year-end, Reuters reported citing the company.

India’s state-owned ONGC has reported a loss of INR30.98bn ($409.9m) in the March quarter after it was hit by an impairment due to fall in crude prices. The crude oil production was 5.82 million in the three month period, dropping marginally from 5.9 million tonnes recorded in the same quarter last year.

US-based energy company ConocoPhillips has deployed a low-code platform Mendix to reduce costs and boost operational efficiency. The company has introduced 20 enterprise-grade applications, since it started implementing Mendix 18 months ago. The move comes at a time when companies are focusing on digitisation to trim costs amid Covid-19 crisis.

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