The COVID-19 pandemic has set in motion the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year, with global investment in oil and gas is expected to fall by almost one-third in 2020, according to the International Energy Agency (IEA)

Petrofac’s Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP)

Leading Global Forex Brokerage firm Axiory Global has launched two brand new products that have been especially designed to combat negative oil prices: the US Oil Index and the UK Oil Index

Energy companies have been cutting exploration and production budgets since the COVID-19 pandemic struck and sent oil prices down, but operators are now likely to increase expenditure on decommissioning work with few profitable investment alternatives