Coronavirus company news summary – sovereign wealth fund reports loss – Quorum Software enables oil and gas firms to be resilient

19 August 2020 (Last Updated August 19th, 2020 09:54)

19 August

Amid Covid-19 pandemic, Thailand-based national petroleum exploration and production company (PTTEP) has awarded a contract to Halliburton to design and implement a series of digital transformation projects as part of its Advanced Production Excellence (APEX) Initiative. This initiative is intended to boost operational efficiency and production in four offshore fields, namely Arthit, Greater BongkotSouth, Greater Bongkot North and theMyanmar Zawtika Field.

US is weighing more sanctions on Venezuela with an aim to stop the remaining fuel transactions allowed with the South American country, reported Bloomberg.  This move could target crude exchanges with firms in Asia and Europe, the report added, citing people with knowledge of the matter.  The talks are going on and sanctions have not been finalised yet.

Norway’s $1.15tn sovereign wealth fund, which is the world’s largest sovereign wealth fund, reported a loss of $21.27bn in the first half of financial year 2020 due to Covid-19 pandemic, reported Reuters. The Norway Government’s Pension Fund Global holds stakes in around 9,200 companies across the world. Performance of the oil firms were the weakest while the technology firms such as Amazon and Apple performed well. The stocks of oil firms fell in value by 33.1% due to drop in crude prices. The fund’s returns are important for the public finances of Norway.

Quorum Software has announced that it is helping oil and gas businesses to move ahead on technology investments in the cloud and deploy applications that enable a workforce to operate anywhere and at any time amid Covid-19 pandemic. The company stated that in the first half of 2020, 60 companies teamed up with Quorum on new software engagements. Furthermore, 125 customers upgraded or extended their investments with Quorum. Some firms that tapped Quorum to advance their modernisation strategies include Greylock Energy, Secure Energy, and Castleton Resources.