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Coronavirus company news summary – Shelf Drilling’s quarterly revenues fall – IEA trims oil demand forecast

14 Aug 2020 (Last Updated August 14th, 2020 09:46)

14 August

Shelf Drilling, a jackup rig contractor, has posted a revenue of $155m in the second quarter of this year, a 14.5% sequential decline compared to Q1 2020. The company acknowledged that offshore jack-up rig market outlook significantly deteriorated following the Covid-19 outbreak. Shelf Drilling further anticipates lower rig utilisation for the near to medium term.

The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast as Covid-19 pandemic led to reduced air travels. The agency reduced its 2020 outlook by 140,000 bpd to 91.9 million bpd, reported Reuters. IEA further said that oil production is gradually recovering in several countries including the US, Canada and Brazil.

Bharat Petroleum (BPCL), a state-owned oil and gas company in India, has nearly doubled its net profit in the quarter that ended in June despite ongoing Covid-19 crisis. In April-June period, the company reported a net profit of Rs20.76bn ($277.45m), compared to Rs10.75bn reported a year ago. The increase was primarily attributed to inventory gains.

BP has said that oil output from its projects in Azerbaijan has dropped nearly 8% in the first half of this year. The production was around 498,000bpd in the first six months compared to 542,000 bpd registered in the same period a year ago, reported Reuters. Overall, the company produced around 12 million tonnes of oil in the first six months.