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June 22, 2020

Coronavirus company news summary – Norway’s oil production slips – Neptune Energy to cut around 400 jobs

By Jessica Paige

22 June

According to energy services firm Baker Hughes, the oil and gas rigs operating in the US and Canada have dropped to a record low amid Covid-19 crisis. The US rig count fell by 13 to 266 in the week to 19 June. In the same time period, the figure slipped to 17 in Canada.

European oil exploration and production company Neptune Energy is set to trim 400 jobs across nine countries to improve cash flow amid low oil prices. The redundancies represent nearly 21% of its workforce. The company has around 1,900 employees globally, said Reuters.

India’s state-owned Oil and Natural Gas (ONGC) has said that the Covid-19 pandemic may delay the execution of its projects. Currently, ONGC is working to implement several oil and gas projects in India. According to PTI, the company is also working to optimise its operating expenditure.

The Norwegian Petroleum Directorate has said that the oil production last month dropped 2.1% compared to the previous month. In May, the production averaged 1.74 million barrels per day. The natural gas production also slipped 12.4% month-on-month, missing earlier forecasts.

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