The outbreak of the coronavirus and the fall in commodity prices will impact Equinor in the longer term, Eldar Saetre, the company's CEO said late Tuesday.
According to Saetre, although Equinor is a robust company with a strong balance sheet resulting from substantial improvements in recent years, he said it is necessary to take forceful action to reduce risk, protect business and operations and to ensure long-term robustness.
To this end, he said he has asked Pal Eitrheim, the executive vice president of New Energy Solutions, to lead work on this.
“It will be on top of the agenda for our Corporate Executive Committee and Board of Directors," he said.
Equinor has already implemented significant measures to limit the spread of the coronavirus and to ensure business continuity, including reducing and delaying non-critical tasks at fields and plants.
The company has also implemented procedures for working from home and has taken strict travel restrictions and quarantine measures.
"There will be uncertainty and volatility going forward, and Equinor will continuously evaluate measures to respond. Keeping production going and ensuring that we can deliver oil and gas to our customers have high priority," the company said in a written statement.
By Murat Temizer