Upstream oil businesses profit from higher rents and limited supplies

Oil prices had ticked higher after Saudi Arabia and Russia, the world biggest oil exporters, extended oil cut in July and rising global demand. In that backdrop, demand for drilling rigs is soaring globally, sending prices of new/renewed rig services higher and benefiting some Vietnamese oil and gas enterprises in the upstream sector. In contrast, about 28 jack-up rigs have moved out the Asia-Pacific region for the Middle East in 2022-23. In the second quarter of 2022, its profit before tax hit the bottom since the first quarter of 2020. Mixed resultsMeanwhile, companies in the mid- and downstream sectors of the industry saw mixed business performances in the second quarter.