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November 30, 2020

Coronavirus company news summary – Petronas Q3 revenue crosses $10bn – Brazil to hold oil exploration bidding in October 2021

By Jessica Paige

30 November

Malaysian oil and gas major Petronas posted a net loss of $835m in September quarter, from the $1.81bn profit it recorded in the same period in 2019. The company posted losses in the January-September period owing to slump in oil prices and global demand triggered by Covid-19 pandemic. Petronas’s revenue in the third quarter was $10.1bn, declining 25% from the corresponding period last year.

Kazakhstan’s state-owned oil company KazMunaigaz recorded a net income of $280m in the September quarter, improving from $115m net loss posted in the previous quarter. The company’s overall performance in the first nine months, however, remained subdued as the ongoing pandemic wreaked havoc on the global oil sector. KazMunaigaz recorded a 7% fall in oil output, while the gas output stood at 6.2 billion cubic meters.

Brazil’s oil regulator ANP announced that the bidding for oil exploration blocks will be held in October 2021. The bidding was originally supposed to be held in April but suspended due to Covid-19 outbreak. The upcoming bidding round will not include the country’s sought-after pre-salt offshore formation.

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