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May 19, 2020

Coronavirus company news summary – Lundin cuts supply in line with OPEC – UK trade body forms impact group

By Matt Farmer

19 May

The UK oil and gas trade association OGUK has convened a team of senior industry representatives to look beyond the immediate health and safety issues posed by coronavirus. The team comprises BP regional president Ariel Flores, Aker Solutions head of UK, SVP Europe and Africa, Sian Lloyd-Rees, Wood Asset Solutions CEO Dave Stewart, Shell upstream vice-president Steve Phimister and Chrysaor CEO Phil Kirk. The group will focus on short-to-mid-term projects, in an effort to give work to struggling supply chain industries.

According to a Reuters review of company statements, major oil and gas companies in Europe have made significantly less cuts to green energy projects since the coronavirus outbreak than fossil fuels, compared to their US counterparts. Oil and gas majors such as BP, Shell and Total plan to align with the European Union’s (EU’s) efforts to transition to a lower-carbon economy and away from a century-old oil reliance.

Fuel demand recovery in India gathered pace in the first half this month versus last month as restrictions on transport and industrial activity were partly lifted, Reuters reported as per data from industry sources. Last month, growth of fuel demand in the country plunged to historic lows.

Swedish operator Lundin Energy has slashed its 2020 oil and gas output target after Norwegian authorities decided to reduce production along with OPEC+ producers in an effort to support prices. The company is now targeting daily volumes of 157,000 barrels of oil equivalent per day (boepd) his year, down from a previous 160,000-170,000 boepd.

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