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April 7, 2020

Coronavirus company news summary

By Duncan West

7 April 2020

Several Canadian oil and gas companies have sought federal assistance in the wake of Covid-19 crisis and fall in fuel prices. In an open letter published in the Financial Post, the industry urged the federal government to introduce a payroll relief plan and buy their accounts receivable at a discount. This move is expected to help in improving cash flow for the companies and combat the impact of the coronavirus.

Oil and gas operator Taqa has identified seven suspected Covid-19 cases on a North Sea platform. The workers reported to the medic with mild coronavirus symptoms, following which they went into self-isolation on the North Cormorant platform. Taqa is now working to transport the workers onshore.

Seismic data acquisition company SeaBird Exploration has lost a survey contract, set to begin this month, due to the impact of Covid-19 pandemic. The company announced that the end-client cancelled two OBN surveys off West Africa. The decision comes after the company already mobilised Eagle Explorer survey vessel for the work.

Several Indian oil and gas producers have sought tax relief from the government as the industry struggles with Covid-19 impact and fall in demand. According to the Economic Times, the companies have urged the government for relief on payment of cess, royalty and profit. The Association of Oil and Gas Operators (AOGO) has also made representations with the authorities with similar appeals.

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