Coronavirus company news summary – Pelican to acquire Baker Hughes SPC flow business – Jadestone Energy reports 33% fall in net revenue

11 September 2020 (Last Updated September 11th, 2020 09:44)

11 September

Pelican Energy Partners has signed an agreement to acquire Baker Hughes’ surface pressure control (SPC) flow business. The business comprises wellhead product sales and service, and a rental offering of frac trees, valves and zipper manifolds. This comes as various oil field services are divesting business units amid low drilling activity due to the impact of Covid-19.

India’s fuel demand plummeted the most in August since April as authorities resort to local lockdowns to check the spread of Covid-19. Last month, petroleum product sales dropped to 14.39 million tonnes, PTI reported citing Petroleum Planning and Analysis Cell (PPAC) data. The figure represents a 7.5% fall compared to July and 16% on a year-on-year basis.

Jadestone Energy, an Asia-Pacific-focussed oil and gas production company, has reported a net revenue of $115.7m for the first half of this year. The figure represents a 33% fall from $171.7m posted a year ago. The fall was attributed to lower oil prices amid Covid-19 pandemic. In the first half of this year, the production was also 8% compared to H1 2019 due to weather downtime and increased maintenance activities among other reasons.