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July 17, 2020

Coronavirus company news summary – Vår Energi to resume drilling – pandemic to curtail oil and gas demand for years

By Jessica Paige

17 July

Exploration and production (E&P) company Vår Energi has re-started drilling activities in the Barents Sea and Norwegian North Sea, which the company postponed this spring following collapse in oil prices as a result of the Covid-19 pandemic. The latest move to resume drilling follows temporary changes to Norway’s petroleum tax, adopted by the country’s parliament last month.

According to Royal Dutch Shell CEO Ben van Beurden, there will be no V-shaped recovery for the global economy after the coronavirus pandemic, which would cut down oil and gas demand for years to come. Beurden added that it was too early to know if fuel demand haa increased, Reuters reported.

India-based Reliance Industries’ (RIL) chairman and managing director Mukesh Ambani has said that the group’s plan to sell a 20% stake in its oil-to-chemical business to Saudi Aramco has been delayed. Reuters cited sources familiar with the matter as saying that the deal has been stalled over price issue. Aramco wants the Indian firm to review the $15bn it agreed to sell the stake last year due to the weak economic conditions in the energy market which has been battered by coronavirus pandemic. The deal was originally scheduled for completion in March this year.

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