27 May

The International Energy Agency (IEA) has warned that global energy investment may fall by nearly 20% this year, a total of $400bn, due to the impact of the Covid-19 pandemic. At the start of the year, global energy investment was slated to increase by 2%. This plunge could have a serious impact on energy security, the agency added.

At least six offshore oil and gas platform operators in Brazil have reported Covid-19 cases among staff or contractors. Reuters reported the affected companies include Equinor, Perenco and Dommo Energia. Brazil is currently one of the most affected countries by coronavirus, reporting more than 390,000 cases.

Algeria anticipates its budget deficit for this year will touch 10.4% of GDP, significantly higher than the earlier estimate of 7.2%. It puts this down to a fall in revenues from its oil and gas sector. The government now aims to achieve $17.7bn of oil and gas export revenue for 2020, nearly half of its earlier forecast of $35.2bn.

Norway’s BW Offshore has recorded a $233.1m non-cash impairment to the value of its floating production vessel fleet and other assets for first quarter this year. The company also announced measures to ensure the safety of its workers and minimise risk of business interruptions.