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Drop In Oil Prices, Low Demand Due To Coronavirus And Other Factors Punish The Oil And Gas Industry Even Further
Oil and gas, the sector that struggles more every day! The new news hits the oil platform maintenance segment. Petrobras suspended maintenance contracts for floating production units (platforms), impacting about 4,500 workers.
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The state-owned company’s decision to suspend maintenance-related contracts is due to the consequences of the ongoing pandemic and the low price of oil barrels. In a recently published article by us at Click Petroleum and Gas, the company announced that it is burning about US$ 1 billion a month with the current price of oil.
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Iran said that the Strait of Hormuz is open, but in practice only 1 non-Iranian oil tanker managed to cross in 24 hours — before the blockade, 100 ships passed per day.
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Petrobras completes 1,300 hours of work and 15 km of subsea lines to connect the Búzios 90 well to the P-79 — the platform is ready to produce 180,000 barrels per day and is just awaiting ANP approval.
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Iran declares the Strait of Hormuz completely open this Friday, and the price of oil plummets nearly 10% in a few hours — the largest drop since the beginning of the conflict.
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While the world was paying more for fuel, the 100 largest oil companies on the planet raked in an extra $23 billion in just 30 days of blockage in the Strait of Hormuz.
According to sources consulted by Petronotícias, 4,500 employees were demobilized from their work positions in response to the company’s decision. Companies providing platform maintenance services were instructed to keep only a small group onboard, of 10 to 15 professionals, to meet the emergency needs of the units.
The main service providers affected by the decision were:
1 – Estrutural – 300 workers
2 – CSE/Aker – 350 workers
3 – Cobra – 500 workers
4 – MotaEngil – 700 workers
5 – Vince/Actemium – 900 workers
6 – Imetame – 700 workers
Support vessels involved in maintenance activities (UMS – Maintenance And Safety Units) were also halted. The company would only be paying for fuel for minimal maintenance of these UMS, in addition to maintaining a preservation team. These vessels have teams from mechanical, electrical, parts and equipment maintenance, hospitality, cargo handling, boiler-making, and industrial painting.
The state-owned company’s decision raises concerns, and people in the sector define it as “radical.” Although those involved support measures to combat the pandemic, especially in the offshore environment, interviewees by Petronotícias say this is not the best course of action.
They argue that such a decision should be adjusted according to safety protocols and contradicts the guidelines not to affect productive activities with radical measures, without a planning of reconciliation with the criteria required by health authorities. There is also fear regarding the country’s economy and producer municipalities, such as Macaé (RJ), in the northern fluminense region.
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