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June 1, 2020

Coronavirus company news summary – Tullow Oil confirms 58 Covid-19 cases in Ghana – US oil rig count falls to record low

By Jessica Paige

1 June

Tullow Oil has confirmed that 58 workers tested Covid-19 positive at an oil production facility offshore Ghana. According to Reuters, All infected workers have been transferred onshore for treatment. Despite the outbreak, Tullow Oil said that the production remains unaffected.

According to data from the energy services firm Baker Hughes, the US oil and gas rig count slipped to a record low of 301 in the week to 29 May. This comes as several producers reduce production due to the fall in oil prices amid Covid-19 pandemic. In the same week, the Canadian rig count also dropped to 65.

French oil and gas company Total anticipates a $12bn revenue shortfall due to fall in oil prices triggered by the Covid-19 pandemic. The latest announcement by Total CEO Patrick Pouyanne is significantly higher than the previous forecast of $9bn deficit. The increase is expected to force Total to devise deeper cost cut measures, reported Reuters.

Russian energy company Lukoil announced that it has donated more than RUB652m ($9.3m) in 22 regions in the country to support Covid-19 response efforts. The aid was primarily used to acquire medical equipment and upgrade health centres. Lukoil has also donated $900,000 to other operating countries to treat patients and restrict the spread of the disease.

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