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June 5, 2020

Coronavirus company news summary – Norwegian oil and gas investments to drop – India’s gasoline and diesel demand set to recover

5 June

Oil and gas investment in Norway is anticipated to drop significantly next year as the industry struggles with slow demand caused by the Covid-19 pandemic. Reuters cited an industry survey by the national statistics agency (SSB ). According to the data procured from oil companies, investment plans for this year have dropped to NOK180.3bn ($19bn) from NOK185.4bn in February.

A Bharat Petroleum (BPCL) official has told Reuters that India’s gasoline and diesel demand will recover to pre-Covid-19 levels next month. Currently, demand is around 70% of what was recorded before the government imposed a country-wide lockdown to contain the spread of the disease. BPCL is the country’s second largest fuel retailer.

Oilfield services company Schlumberger has collaborated with a medical device company and an automation provider to produce ventilators. They will be delivered to developing countries combating the Covid-19 pandemic. The initiative involves Schlumberger engineers from the Schlumberger Cambridge Research Centre and Stonehouse Technology Centre.

Russian oil and gas company Lukoil has agreed to support Covid-19 response efforts in the Perm region of Russia. The company will donate RUB100m ($1.45m), which will be used to purchase medical equipment and protective gears. Lukoil will also support the development of modular community centres in Stryapunyata and Ashsha.

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