Coronavirus company news summary – US oil rig count drops to lowest level in 15 years – Maersk Drilling’s half yearly revenues fall

17 August 2020 (Last Updated August 17th, 2020 09:54)

17 August

The number of oil rigs in the US dropped to their lowest since July 2005 amid the Covid-19 crisis. According to Baker Hughes data, the figure fell by four to 172 last week. However, the number of gas rigs increased by one to 70. Earlier, the US Energy Information Administration (EIA) said that US crude oil output will fall by 90,000 bpd this year.

Russian oil firm Rosneft has reported a profit of RUB43bn ($590m) in the second quarter of this year after registering loss in the first three-month period. The return to profit was attributed to rising oil prices, Reuters reported citing the company. In the April-June period, Rosneft produced 4.04 million barrels of oil per day, 13% less compared to first quarter.

A Hindustan Times report said that around 60 ONGC employees from a single offshore platform have tested Covid-19 positive. The infected employees were deployed on BHS platform in the Arabian Sea. Currently, ONGC management is planning to shut down the platform.

Drilling-rig operator Maersk Drilling has reported a half yearly revenue of $584m this year, compared to $623m registered in 2019 H1. The company said that its operations are largely unaffected by the pandemic, but it incurred additional costs due to Covid-19 related restrictions and requirements. The capital expenditures will be around $150m this year.