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October 7, 2020

Coronavirus company news summary – Singapore oil trader ZenRock loses majority of staff – Norway’s gas supplies to Europe rise

By Jessica Paige

7 October

Most of Singapore oil trader ZenRock’s employees have left the “troubled” company, a former director told Reuters. ZenRock is managed by a court-appointed supervisor since May after it faced financial troubles following the oil price crash after Covid-19 pandemic. ZenRock Holdings, the parent of ZenRock Commodities, did not confirm the report.

The number of mergers and acquisitions in the US oil and gas sector during the third quarter of the year has dropped significantly amid Covid-19 crisis. In the quarter that ended in September, 28 deals with disclosed value were signed, Reuters reported quoting energy consultancy Enverus. The combined value of these deals was around $21bn. The sluggish pace of deals was due to the current market conditions as most companies are looking to trim expenditures.

Norwegian gas supplies to Europe have increased despite ongoing workers strike that forced six offshore oil and gas fields to shut operations. According to a Reuters report, other fields ramped up production that improved European exports. The UK, Germany, France, the Netherlands and Belgium are the main importers of Norwegian gas.

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