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8 June

The number of oil and gas rigs in the US has dropped for the fifth consecutive week to a record low, according to the data from energy services firm Baker Hughes. In the week to 5 June, the count dropped to an all-time low of 284 as the oil and gas industry struggles with the impact of Covid-19 and following price crash.

Hokchi Energy has opted for early termination of a drilling contract with Mexico’s Grupo R. The company cited current global oil and gas market conditions for the move. Grupo R began drilling in the Hokchi field in April using the Cantarell III jack-up rig.

Aker Energy plans to advance with the development of Pecan field offshore Ghana, an initiative which was postponed earlier due to Covid-19 pandemic. The company is working to ensure feasibility of a phased Pecan field development by carrying out conceptual studies.

Brazil’s Petrobras has reported record fuel exports last month, despite the fall in demand due to Covid-19 crisis, reported IANS. The company exported 1.11 million tonnes of fuel oil in May, 231% higher compared to the figures registered in the same period a year ago. This comes after OPEC+ agreed to extend their output cuts to revive oil prices.

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By GlobalData