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July 7, 2020

Coronavirus company news summary – Eni to write-off $4bn from asset value – Several LNG projects delayed

By Jessica Paige

7 July

A federal judge has ordered the 557,000 barrel-per-day Dakota Access pipeline in the US to shut down for environmental review, a step that is expected to boost oil shipments by rail. According to a Reuters report, it may help the struggling transport firms, which were forced to furlough employees due to the impact of Covid-19 pandemic. As per the federal order, the pipeline needs to be shut within a month.

Italy’s Eni has decided to write down around €3.5bn ($4bn) from the value of its assets after it reduced oil and gas price outlook due to the impact of Covid-19 pandemic. The company trimmed its 2023 long-term price assumption for Brent crude from $70 a barrel to $60 a barrel, Reuters reported citing a company statement. Eni also reiterated its pledge to reduce greenhouse emissions by 80% by 2050.

A team of researchers at Global Energy Monitor has said that the Covid-19 pandemic and rising environmental concerns have delayed several LNG projects recently. It said that around 20 major LNG export projects in pre-construction development are delayed due to unavailability of necessary financing.

TSG Marine is set to utilise new technology to help the offshore industry in combating Covid-19 pandemic. The move will involve deploying a rapid sanitisation system to clean workplaces and providing non-contact screening equipment that is capable of identifying elevated temperatures in up to 30 people per second.

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