Ineos E&P Denmark continually focuses on reviewing costs as the oil crisis develops, says CEO Sebastian Koks Andreassen. He remains confident in the plan for the long-awaited Hejre discovery.
Even though European benchmark crude Brent's price has hit the lowest level seen in 18 years, its value could slide even further, according to Jason Bordoff, former Obama Administration energy advisor. "[It] is not done yet," he says.
Equinor projects that oil field Johan Sverdrup can produce more oil faster than expected. Expectations for peak levels in both phases one and two have been raised.
Following the announcement that investments will be reduced, employees at Aker BP will be informed how many must leave the company due to lower activity, among other things. This will happen after Easter, and suppliers will also be hit.
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Oil firms have made broad cuts in their planned investments for the year. This has already entailed terminations of contracts with rig companies, and more will follow, analysts predict speaking to Norwegian media.
After going through an already strained period, oil service firm Aker Solutions has seen a significant downturn in economic activity since the coronavirus broke out, as is evident in the annual report, which also reveals a major pay cut for CEO Luis Araujo.
Relyon Nutec went forward in 2019 and made several acquisitions. The coronavirus concerns the CEO, though, and impacts the company's 2020 outlook.
The Danish chemical company will supply technology to a coming facility in Arizona that will convert natural gas into gasoline. The concept can be used for, among other applications, reducing flaring within the oil and gas industry.
Mike Pompeo, US secretary of the interior, says Saudi Arabia must do its part to bring the critical situation under control.
Roughly one in five service functions in the oil industry risk elimination due to the current coronavirus crisis, deems analyst firm Rystad Energy.
Wärtsilä has started taking a closer look at ammonia as a potential solution to the maritime industry's climate troubles. From 2022, shipping companies will be incorporated into trials at sea.
As a reaction to critical market conditions, the US-based oil supermajor opts to shave its 2020 investment budget by USD 4 billion.
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Norway's Equinor launches a billion-dollar action plan to strengthen "financial resilience" toward coronavirus and a plummeting oil price. Among other things, Capex is reduced 20 percent.
Maersk Drilling, which recently downgraded its guidance due to coronavirus and the oil price drop, has had a contract canceled. The cancellation removes USD 175 million from its order book.
The North Sea can survive the current crisis in the short term. But in the longer run, it'll take investments, otherwise it's all over, according to Woodmac analyst Naivan Boroujerdi.
"Total E&P Denmark has a very low number of confirmed covid-19 cases, and the few affected persons are currently in quarantine," the oil company tells EnergyWatch.
According to Rystad Energy, the world's oil inventories will reach full capacity within a few months and possibly cause oil prices to dip below USD 10 a barrel, the analyst firm assesses.
The oil price plunge prompts the world's largest oil companies to cut down investments significantly. Total and Shell must raise major amounts this year to handle the situation.
The Norwegian firm has an update coming on its financial prospects, already reporting a number of reductions as a result of the coronavirus.
Heavy downgrades don't affect the German gas giant's development plans in Denmark, where a major find is planned to be worked into the development of the Ravn field. The company is also preparing to drill a new well in the North Sea.
Maersk Drilling revises its 2020 guidance, lowering it from USD 400-450 million to USD 325-375 million.
Equinor's CEO, Eldar Sætre, was paid USD 1.74 million for his work last year, a slight decrease compared to the year before, reveals the company's new annual report, published at a time when the oil industry is crumbling around the Norwegian major.
Shortly before a planned IPO, the designated CEO of Siemens Energy resigns. The timing isn't ideal, Siemens chair concedes, while rumors of strategy disagreements circulate.
"Burning is the problem," says Helen Hagel, head of climate and environmental policy at Greenpeace Denmark. She dismisses the oil industry's proposal to cut two thirds off emissions from North Sea extraction.
Major oil companies are forecast to drop their investment plans to survive economic headwinds expected to halve revenue from oil sales.
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