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June 23, 2020

Coronavirus company news summary – China aims to increase crude production this year – Polarcus to trim workforce by 20% – ONGC halts operations at two rigs

23 June

China is planning to increase crude and natural gas production this year to ensure energy security amid the Covid-19 crisis. It aims to improve crude production by 1% to 193 million tonnes and natural gas production by 4.3% to 181 billion cubic metres, Reuters reports, citing data from annual production plan released by the National Energy Administration (NEA).

Offshore seismic services provider Polarcus is to trim its workforce by 20% in response to the current market volatility due to the Covid-19 pandemic. The company also announced a range of permanent and temporary compensation adjustments for senior-level staff in a bid to improve capital flow. Read more here.

India’s state-owned oil firm ONGC has temporarily ceased operations at two offshore rigs in the Arabian Sea following reports of Covid-19 cases among workers. According to local news sources, 54 offshore employees tested positive for coronavirus and one person had died. However, ONGC said that oil and gas production has not been affected.

Indian crude oil processing recovered significantly last month following an increase in industrial activity and transportation after Covid-19 related lockdowns. In May, crude processing jumped 7.3% from the levels seen in April to around 3.87 million barrels per day, according to Reuters.

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