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November 20, 2020

Coronavirus company news summary – Gazprom Neft sees Q3 earnings surge – Norway’s oil and gas investment to cross $18bn

By Jessica Paige

Russian oil company Gazprom Neft reported a 27% increase in Q3 net income to $369m from the previous quarter, thanks to rise in crude prices and easing of Covid-19 related lockdown restrictions. The company’s earnings are still 70% lower on a y-o-y basis. Gazprom is predicting spending for next year to be on level with 2020, as the oil sector is past its worst phase.

The total investments in Norwegian oil and gas sector are projected to reach $18.4bn, a 12% increase from August forecast of $16.4bn. The projection is still substantially below the 2020 estimate of $20.2bn. Several companies including Equinor expedited their projects, thanks to Norway’s parliament granting tax benefits earlier in the year, to protect jobs and increase investment in the country during pandemic.

Malaysian oilfield services provider Bumi Armada reported a 44% slump in Q3 net profit to $21m compared with $37.4m recorded during the same period in 2019. The company’s operating profit in the quarter was $54m, a 11% drop from $60.5m posted in Q3 2019. Revenue during the quarter stood at $137.6m, a 6.9% rise from $128.6m recorded in Q3 2019.

OPEC reduced its 2020 oil demand estimates by 9.8 million bpd, marking a fall of 0.3 million bpd from the October estimates. The new estimates are also 11 million bpd lower against growth projections of 1.2 million bpd made in January. The OPEC general secretary said that despite Covid-19 cases increasing, the news of vaccine with 90% efficacy boosted oil demand outlook. The group also adjusted the growth estimates for 2021 to 6.2 million bpd.

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