The Trump administration has allowed struggling oil and gas company Chesapeake Energy Corp to suspend production from more than 100 federal drilling leases without losing ownership of the assets since the outbreak of the coronavirus, according to a federal database.
The assistance for the cash-strapped shale pioneer, which is widely expected to become the biggest U.S. oil and gas company to go bankrupt since the health crisis hit the global economy, accounts for nearly a third of the lease suspensions granted by the U.S. government in the last two months.
Companies typically are required to forfeit their leases if they stop working on them.
Company officials did not immediately respond to a request for comment.
Source: Reuters
