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June 17, 2020

Coronavirus company news summary – Van Oord to axe around 500 jobs – Galp Energia restarts Sines refinery

By Jessica Paige

17 June

Van Oord, a Dutch firm which supports offshore wind and oil & gas sectors, has planned to lay off around 500 employees due to the impact of Covid-19 pandemic. The company noted that the oil price crash has reduced offshore field services, while dredging operations also contracted.

Portugal’s Galp Energia has resumed some operations at Sines refinery after it was forced to suspend production temporarily due to Covid-19 outbreak and fall in fuel demand. A company spokesperson told Reuters that Galp will gradually resume production at the refinery as planned.

US-based shale producer Devon Energy has trimmed oil production by nearly 10,000 barrels per day. The move comes as several oil and gas companies are reducing output due to plummeting demand amid Covid-19 pandemic. Devon Energy CEO Dave Hager told Reuters that the annual output this year will be nearly flat with 2019 levels.

India has urged local oil and gas companies to increase the usage of locally manufactured steel for infrastructure projects in a bid to revive the economy. The move is expected to create jobs and reduce imports. According to Engineers India, Indian petroleum sector will use around 50 million tonnes of steel in the following 15 years.

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