In response to the devastating economic impacts arising from quarantine and stay-home orders, the US Congress and Administration passed several relief bills, including the CARES Act, which provide direct stimulus relief for families, small businesses and corporate relief.
IADC President Jason McFarland said: “IADC has not been spared from the devastating effects of the crisis; all of our 1,000 plus member companies and their employees are feeling it. While our members include a few large corporations, the majority are small companies working with local communities to provide the energy that makes modern life possible. These companies have harnessed decades of American ingenuity to provide millions of jobs to workers. They are the very types of companies that we hope will benefit from the provisions contained in the CARES Act.
“The worldwide oil and gas industry has been rocked in recent weeks. In the US, that affects the 10 million people who are directly or indirectly employed in this industry. These workers, many of them blue-collar, are responsible for making sure the country has enough energy to fuel everyday life, ultimately contributing to both the economy and national security. We thank the members of Congress like Representative Lizzie Fletcher, who recognize the unique challenges people who work in the US oil and gas sector are facing and have vocally demonstrated their support for this industry to be included in relief packages.
“In this time of uncertainty, we are heartened by government efforts to shore up the national economy, ensuring that businesses in all distressed sectors, and their workers, are shielded from the absolute worst effects of an economy ravaged by the pandemic.”
IPIECA, API and IOGP recently released the fourth edition of the Sustainability Reporting Guidance for the Oil and Gas Industry.
The document is intended to provide oil and gas companies with a framework to demonstrate their important role in the energy transition, by reporting on how they manage climate and sustainability impacts. The guidance has been updated in six areas of focus: reporting process; governance and business ethics; climate change and energy; environment; safety, health and security; and social impacts.
Notably, modifications were made to improve reporting of performance indicators related to climate change and energy.
The updated guidance represents the work of more than 80 representatives from 28 oil and gas companies from six continents, as well as a panel encompassing experts from NGOs, investors and investor groups, banks and expert consultants.
The oil and gas industry is reeling from impacts resulting from the outbreak of COVID-19 and a crash in oil prices. The US federal government has passed legislation to help businesses stay afloat during the pandemic, and in an interview with DC, Elizabeth Craddock, IADC VP of Policy and Government Affairs, outlines what this legislation is and how drillers can take advantage of it.
Mrs Craddock, who advocates on behalf of IADC member companies before the US Congress and government agencies, also discusses why it is important for the government to help the oil and gas industry manage through this challenging economic environment.
On 2 April, the US Department of Energy (DOE) announced a solicitation to immediately make 30 million barrels of the oil storage capacity of the Strategic Petroleum Reserve (SPR) available to US oil producers that are struggling with catastrophic financial losses due to the combined impacts of COVID-19 and the disruption of world oil markets. The SPR will be ready to receive up to 685,000 bbl/day. In addition to the initial 30 million barrels, the DOE has said it intends to make an additional 47 million barrels of storage capacity available.
The Australian Petroleum Production & Exploration Association (APPEA) recently issued a guide for movement of critical oil and gas personnel and their families into and out of Western Australia. IADC and its members worked collaboratively on the guide, which provides information on processes to follow for interstate workers and marine crews moving in and out of the state.