Oil industry company MOL Group has stated that the operational and capital expenditures will be reduced materially to preserve cash and to allow MOL to manage through challenging times even in the case of a longer lasting crisis
Industry
US oil rig count could collapse by 65 per cent, says Rystad Energy
Rystad Energy said the US horizontal oil rig count is poised to drop by an estimated 65 per cent due to the combined global effect of the COVID-19 pandemic and the ongoing oil price war
Oil and gas industry M&A deals in February 2020 total US$5.6bn globally
Total oil and gas industry M&A deals in February 2020 worth US$5.6bn were announced globally, according to GlobalData’s deals database
Petrofac to cut capex and staff amid coronavirus pandemic
Oilfield services firm Petrofac has announced that it will reduce overhead and project support costs by at least US$100mn in 2020 and by up to US$200mn in 2021 as part of its response to the COVID-19 outbreak
ADNOC continues to drive growth for UAE during difficult period
The Abu Dhabi National Oil Company (ADNOC) is positioned to drive value for the UAE and will continue to invest responsibly to deliver on its 2030 smart growth strategy during this complex and challenging period