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September 30, 2020

Coronavirus company news summary – OPEC unlikely to boost oil production in 2021 – Novatek to produce up to 70 million tonnes of LNG annually

By Jessica Paige

30 September

The Organization of the Petroleum Exporting Countries (OPEC) is unlikely to boost oil output from January next year, as earlier planned, Reuters reported quoting top traders. The increase in production will further weaken the already frail market, they opined. In March this year, OPEC and other key oil producers trimmed production further following the Covid-19 outbreak that plummeted fuel demand.

Rosneft and Saudi Aramco may not place bids to acquire stakes in Bharat Petroleum (BPCL) as the current market situation forced the oil majors to revisit their investment plans. A source told Reuters that Rosneft, which initially showed interest, will not acquire BPCL. On the other hand, Saudi Aramco is yet to submit a formal expression of interest (EoI) and a source told that the company is unlikely to bid for BPCL.

Russia’s Novatek aims to produce up to 70 million tonnes of liquefied natural gas (LNG) per year by 2030 despite the impact of Covid-19 pandemic. The intended target is around three times of its current output. The plan also includes increasing its market share from less than 10% currently to 15% by 2025.

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