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Petroneft looks to shore up its business after Covid-19 impact

Irish oil and gas explorer Petroneft Resources has taken further steps to ensure the viability of its business following the significant impact the coronavirus pandemic has had on oil markets.

The company, which operates in the Tomsk Oblast, Russia, provided an update to Euronext Dublin on Monday in relation to operations for the full year 2019 and the first quarter of 2020.

“Petroneft prioritises the safety of our staff and our stakeholders in scheduling our operations at this time,” the company said. “All unnecessary travel has been suspended. Operations have been redesigned to ensure that social distancing is incorporated.

“Covid 19 significantly impacted on oil markets and on the financial position of all oil companies. Petroneft has taken further steps to trim our already lean operating model. These moves will help to secure the future viability of the business.”

PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s s shares are listed on the London AIM and Dublin ESM Markets.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.