Tuesday, March 2African Business News
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Tag: Chuks Enwereji

Drilling contractors unveil post-pandemic plans

Drilling contractors unveil post-pandemic plans

Business
The International Association of Drilling Contractors, (IADC) Nigeria, has said that despite the catastrophic effects of the COVID-19 pandemic on the oil and gas sector, the industry would rebound sooner than expected. Speaking during a webinar organised by IADC, its Chairman, Chuks Enwereji, noted that the pandemic has caused the most abrupt recession in the oil and gas history, orchestrating marginal drop in growth, job and revenue losses, depleted demand for oil and gas, lower oil price, disrupted supply chains including compulsory quarantine procedures for offshore employees. He said: “These disruptions have led to significant reduction in capital spending for most operators, and we have seen a number of contract terminations and suspensions since the onset of the COVID-19 pandem...