Ziton gets new capital from its equity fund owner and asks for deferral on debt totaling MIO 125 Eafter a challenging 2019. "We've opted to stay abreast of the situation," says CEO.
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.
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, the former Falck Safety Services, went forward in 2019 and made several acquisitions. The coronavirus concerns the CEO, though, and impacts the company's 2020 outlook.
Mike Pompeo, US secretary of the interior, says Saudi Arabia must do its part to bring the critical situation under control.
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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.
Roughly one in five service functions in the oil industry risk elimination due to the current coronavirus crisis, deems analyst firm Rystad Energy.
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.
The North Sea can survive the current crisis in the short term. But in the longer run, it will take investments, otherwise it is all over, according to Woodmac analyst Naivan Boroujerdi.
Oil supermajor Total's Danish subsidiary has launched "extensive measures" in the fight against coronavirus, says Managing Director Patrick Gilly. The company has "a very low number of confirmed covid-19 cases, and the few affected persons are currently in quarantine."
Shell will not continue with the next phase of its buyback program and thereby joins a growing list of energy majors initiating cost savings to weather the current market crisis.
Maersk Drilling revises its 2020 guidance, lowering it from USD 400-450 million to USD 325-375 million.
Friday, oil holds its gains after US President Donald Trump stepped into the price war between Saudi Arabia and Russia. In Texas, the main oil regulator proposed the state could coordinate the oil cuts with the feuding producers .
Coronavirus combined with the big slide in the oil price will hit the Norwegian oil major for a long time to come, says CEO Eldar Sætre.
Investments could drop by up to 30 percent in the British oil and gas sector during 2020, industry association predicts, as a result of the coronavirus and a dramatic drop in the oil price. The sector is in a "paper-thin" position, CEO says.
The price of a barrel of oil currently hovers at below USD 28 after going by close to 50 percent in March. Recently merged oil company Wintershall DEA now lowers its investment level for 2020 significantly.
The oil price continued its free fall, hitting the lowest level in almost 17 years as the coronavirus outbreak looks on track to halt the global economy.
Oil service company sends 70 percent of its employees home for an indefinite period of time. Head of communications says it happens due to big dips in activity following the coronavirus outbreak.
In Norway, employees in the oil sector are now feeling the consequences of the oil plunge, as up to 1,000 have already been told they will be sent home temporarily, union tells E24. And there are more to come.
After several cases with staff either infected or quarantined, Norwegian oil firm Equinor now initiates emergency procedures to handle the consequences of the coronavirus.
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.
Saudi Arabia is chartering tanker vessels big-time as the oil kingdom prepares to unleash a flood of crude oil, a development that makes tanker freight rates soar.
Coronavirus and a dispute over the oil price between Saudi Arabia and Russia triggered significant price drops on stock exchanges in the past week. Danish and Norwegian shipping and offshore shares also took a tumble. But one sector in particular saw share prices going up.
Norway's state-run export bank Giek loaned NOK 59 billion to the oil and offshore industry. Now, the CEO admits that the bank holds some responsibility in the crisis and that the fund is set to lose billions, writes Dagens Næringsliv.
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