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July 10, 2020

Coronavirus company news summary – Nopsema to resume physical inspections – US oil and gas sector may see additional bankruptcies

By Jessica Paige

10 July

India’s fuel demand has further increased last month as economic activity resumed following a Covid-19 related lockdown, Reuters reported citing government data. In June, refined fuel consumption jumped to 16.29 million tonnes, an 11% increase from the previous month. However, the fuel demand is still 7.9% less compared to the figures recorded a year ago.

US-based Noble Energy is planning to remove most of the curtailments on oil production as crude prices have recovered from record lows in April. In the second quarter, the company trimmed production by an average of 11,000 barrels of oil per day. Overall, US shale drillers reduced supply by around 2 million barrels per day as demand plummeted following Covid-19 pandemic, reported Reuters.

Australia’s National Offshore Petroleum Safety and Environmental Management Authority (Nopsema) is set to resume physical inspections of offshore oil and gas facilities gradually. The agency plans to restart inspections next month, subject to availability of safety arrangements. During the pandemic, Nopsema resorted to virtual inspections to comply with the government’s physical distancing and safety guidelines.

A report by the international corporate law firm Haynes and Boone has said that North American oil and gas sector is expected to see further bankruptcies this year due to bleak market conditions. The report noted that there were 18 producer bankruptcies in the second quarter of this year. Haynes and Boone lawyers further anticipate a fall in demand due to the recent increase in Covid-19 cases.

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