Shell Gas B.V., a subsidiary of Royal Dutch Shell plc, announces that all conditions for its Final Investment Decision (FID) on a new LNG processing unit at Nigeria LNG (NLNG) have now been met.

Earnings of major international oil and gas producing companies have suffered in the first quarter of 2020 resulting from weaker product demand and lower realized oil and gas prices. Despite a depressed outlook for 2020, big oil remains committed to dividend payments as shareholders are prioritized, says GlobalData, a leading data and analytics company.

Some good news: The global imbalance between oil supply and demand, which has built to 26.4 million barrels per day (bpd) in April due to the Covid-19 pandemic, is set to halve to 13.6 million bpd in May and fall further to just 6.1 million bpd, according to a Rystad Energy analysis.

With the Covid-19 pandemic reducing global oil demand by devastating numbers, oil storages are filling quickly in the US, forcing producers to start shutting output in the country and creating a big tanker congestion on its coasts.

Oil companies are dealing with a plethora of challenges due to the sudden decline in demand amid the COVID-19 pandemic. Distant storage locations increase costs as transportation fees get factored in with storage fees.

Equinor reports adjusted earnings of USD 2.05 billion and USD 0.56 billion after tax in the first quarter of 2020. IFRS net operating income was USD 0.06 billion and the IFRS net income was negative USD 0.71 billion, following net impairments of USD 2.45 billion.

Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for year-ended December 31, 2019.

Fugro has secured a long-term contract for two remotely operated vehicles (ROVs) and a full survey positioning package on Global Marine Group’s (GMG’s) newly chartered vessel, the Normand Clipper.

The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11.10 per barrel, a Rystad Energy impact analysis reveals.

ThayerMahan Inc. ("ThayerMahan"), a leading maritime technology company providing autonomous marine sensing solutions, announced that it closed on $10 million of new financing from AE Industrial Partners Structured Solutions I, LP ("AEI Structured Solutions"), an affiliate of AE Industrial Partners, LP ("AEI"), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets.

Ben van Beurden, Chief Executive Officer of Royal Dutch Shell plc, comments on the first quarter 2020 results

The last five years have been one of the longest and most challenging downturns the offshore industry has ever experienced. Since the oil price drop of 2014/2015, the Offshore vessel market has been plagued by bankruptcies, consolidations, takeovers and mergers, forced fleet sales and most importantly a significant decrease in asset values.

There are no hard numbers yet to illustrate the extent to which the Covid-19 pandemic has affected the oil and gas industry’s digitization. However, a Rystad Energy analysis of service companies’ earnings calls reveals a clear growth in cost-saving remote work technologies.

Equinor ASA has divested its financial shareholding in Lundin Energy AB, comprising around 14 million shares and corresponding to its 4.88% percent of the shares and votes, at a total sale price of approximately SEK 3.3 billion.

The devastating effect of the Covid-19 pandemic on global oil and gas exploration and production (E&P) companies is better understood by looking at the industry’s expected total annual revenues for 2020.

Diamond Offshore Drilling, Inc. (NYSE: DO) ("Diamond" or "the Company") has announced that the Company and select subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the "Chapter 11 Cases").