PVN’s dual crisis The negative impacts of the Covid-19 pandemic have had direct consequences for all production sectors and business, with value chains seriously affected by the disruption of supply and demand of goods and raw materials. Simultaneously, global oil prices plunged to a level unprecedented in the energy industry, severely affecting the production and business activities of many oil and gas enterprises around the world. With inventories piling up due to unsold products and investment projects frozen, many large international oil and gas groups have had to consider suspending production, cutting investments, reducing dividends, selling assets, closing oil fields, laying off workers, and even declaring bankruptcy. The well-known oil producers like BP, Chevron, Royal Dutch Shell and Saudi Aramco or ExxonMobil have all decided to reduce investments by 20 to 30 percent. Or Total, one of the leading French oil and gas companies, has reduced investments by more than US$3 billion and will cut investments by around US$15 billion this year, equivalent to a 20 percent reduction, double its savings plans from EUR400 to 800 million and suspend plans to buy back shares. In early April, the largest crude oil producer in North Dakota, the Whiting Oil Corporation with… Read full this story
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