BP has committed to completing the divestment of its Alaska business to Hilcorp despite current market volatility as a result of the Covid-19 pandemic.
However, both companies agreed to revise the financial terms of the deal. The total consideration remains unchanged at $5.6bn but the structure of the deal and phasing of payments has been modified.
A report from Oil & Gas UK (OGUK) says up to 30,000 jobs in UK North Sea oil and gas sector are at risk. Most oil and gas operators in the North Sea are now planning deeper spending cuts, while many could collapse. Many companies have already announced lay-offs, while others are anticipated to follow.
According to a Reuters report, around 30 workers at an offshore oil platform in Equatorial Guinea have tested positive for Covid-19. The platform, Serpentina floating production and storage operation (FPSO), is operated by ExxonMobil. However, Equatorial Guinea’s Minister of Hydrocarbons Gabriel Obiang Lima said operations at the platform have not been affected.
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Malaysian oil and gas services company Sapura Energy has initiated multiple cost-cutting measures in a bid to mitigate the impact of Covid-19. These include a 50% pay cut for senior management and cuts to employees’ salaries from 5% to 45%. The company is also considering job cuts. A spokesperson for the company said these measures will help preserve cash flow and maintain financial strength.