Coronavirus company news summary – Indonesia’s recoveries missed lifting targets – Phillips 66 reports 57 Covid-19 cases

20 July 2020 (Last Updated July 20th, 2020 09:15)

20 July

The number of oil and gas rigs in the US fell for 11th consecutive week to hit another record low amid Covid-19 pandemic. According to the data from energy services firm Baker Hughes, the count slipped by five to 253 in the week to 17 July. The oil rig count stood at 180, while the number of operating gas rigs was 71.

Indonesia’s oil and gas recoveries in the first half of this year have missed intended lifting targets due to weak demand amid Covid-19 crisis. In the first six months of the year, oil and gas lifting were 713,300 bpd and 5,605 mmscfd respectively, Reuters reported citing regulator SKK Migas. The figures were significantly lower than the targeted 755,000 bpd for oil and 6,670 mmscfd of gas.

US-based energy company Phillips 66 has reported 57 active Covid-19 cases among workers as the pandemic worsens across the globe. In an internal mail, Phillips 66 senior vice-president Jay Churchill said that a total of 160 employees were infected by the disease. However, Phillips 66 noted that most of these cases contracted from household members or outside contacts, Reuters reported citing the letter.

A new report by energy intelligence firm Rystad Energy has said that oil and gas project sanctioning is set to take a hit as companies trim exploration and production costs. The report said that sanctioning value will be around $47bn, a fall of more than 75% from 2019 levels. The forecast is based on a scenario where Brent crude averages around $40 per barrel this year.