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Norwegian consultancy Rystad Energy said the outbreak of the coronavirus disease would lead to massive layoffs and supply headaches in the oil and gas industry, and reduced investment by around US$30 billion (£23.
4 billion)
in 2020.
This is the advice from the Norwegian energy company Rystad Energy, which, although experts do not yet know when the epidemic will ease, point out that "the situation will worsen [in Europe] in March" and predict that the impact of the virus will affect the entire global industry
.
Oil prices have fallen nearly 25 percent this year due to lower demand and expected slowing economic growth, a situation that will cause oil and gas companies to cut investment budgets, especially U.
S.
shale gas operators and some offshore exploration and production companies
, the company said.
According to Rystad Energy, the outbreak of the virus could delay deliveries of oil platforms and other equipment by at least three to six months
due to shortages of personnel or supplies and travel bans.
Of the 28 floating production, storage and offloading vessels under construction, 22 are under construction
in China, South Korea and Singapore.
Audun Martinsen, head of oilfield services research at Rystad Energy, said: "Our current assessment projects that COVID-19 could result in a reduction of around US$30 billion (£23.
4bn)
in global exploration and production investment by 2020.
While operators and contractors are looking for ways to make up for lost time due to other phases of rapid development, we expect the first oil or gas production of these projects to face significant delays
.
”
Norwegian consultancy Rystad Energy said the outbreak of the coronavirus disease would lead to massive layoffs and supply headaches in the oil and gas industry, and reduced investment by around US$30 billion (£23.
4 billion)
in 2020.
This is the advice from the Norwegian energy company Rystad Energy, which, although experts do not yet know when the epidemic will ease, point out that "the situation will worsen [in Europe] in March" and predict that the impact of the virus will affect the entire global industry
.
Oil prices have fallen nearly 25 percent this year due to lower demand and expected slowing economic growth, a situation that will cause oil and gas companies to cut investment budgets, especially U.
S.
shale gas operators and some offshore exploration and production companies
, the company said.
According to Rystad Energy, the outbreak of the virus could delay deliveries of oil platforms and other equipment by at least three to six months
due to shortages of personnel or supplies and travel bans.
Of the 28 floating production, storage and offloading vessels under construction, 22 are under construction
in China, South Korea and Singapore.
Audun Martinsen, head of oilfield services research at Rystad Energy, said: "Our current assessment projects that COVID-19 could result in a reduction of around US$30 billion (£23.
4bn)
in global exploration and production investment by 2020.
While operators and contractors are looking for ways to make up for lost time due to other phases of rapid development, we expect the first oil or gas production of these projects to face significant delays
.
”
