Energean, which is set to acquire Edison’s oil and gas operations, has agreed to revise the terms of the agreement that significantly reduces the value of the transaction amid bleak market outlook. Last year, Energean signed an agreement to acquire Edison E&P from Edison for $850m. The revised transaction values $284m following the exclusion of some assets.
Oilfield services group Hunting has reduced its workforce by a quarter due to the impact of low oil prices and weak demand. According to Reuters, the company employed 2,956 people across its global operations at the end of 2019. The redundancies involved trimming 739 jobs.
Brazil’s Petrobras has said that some platforms in the deepwater Buzios oil field touched record production levels amid Covid-19 crisis. The company also sold 764,000m3 of diesel between 14 June and 20 June, much higher compared to 757,000m3 sold in the last week of March when restrictions were not implemented, Reuters reported.
Chesapeake Energy, a US-based oil and gas producer, has sought approval from the court to cancel pipeline contracts worth $311m, reported Reuters. It comes days after the company, struggling with heavy debt, filed for bankruptcy seeking protection for at least five years.