Coronavirus company news summary – Neft’s quarterly profit plummets in Q2 – Petrobras to sell stake in Polo Norte Capixaba fields

24 August 2020 (Last Updated August 24th, 2020 09:13)

24 August

The oil and gas rig count in the US jumped by ten in the week to 21 August, a first since March. According to energy services firm Baker Hughes, oil rigs increased by 11 to 183, while gas rigs fell by one to 69. This comes as oil prices recover from historic lows after demand plummeted due to Covid-19 pandemic.

China’s diesel exports fell for fourth consecutive month due to dampened demand in overseas markets. Last month, the country shipped 550,000 tonnes of diesel, Reuters reported citing data from the General Administration of Customs. The figure was 1.04 million tonnes in June. Gasoline and jet kerosene exports are also down this year.

Russia’s Gazprom Neft has registered a nearly 80% drop in its net profits in the second quarter due to weak oil prices. The company reported a second-quarter net profit of RUB22bn ($297m). The quarterly revenue also witnessed a 37% year-on-year fall. This comes after Gazprom Neft reported a net loss in the first quarter, reported Reuters.

Brazilian firm Petrobras is set to divest its entire stake in five onshore fields at Polo Norte Capixaba, Reuters reported citing securities filing. This comes after the company reported $524m loss in the second quarter of this year due to the impact of Covid-19 on the oil industry. On average, the onshore fields had a daily production of 7,000 barrels of oil and 66,000 cubic meters of gas in the first half of this year.