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November 26, 2020

Coronavirus company news summary – Covid-19 disrupts UK oil and gas sector – India’s crude oil output declines – Ireland’s residential gas use rises by 29%

By Matthew Hall

26 November

The decline in activity, shut down of projects and retrenchments of jobs owing to the coronavirus pandemic has led to a slump in confidence for businesses across Britain’s oil and gas industry. According to the Oil & Gas Survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG UK, a mere 1% of businesses are confident about the future in the post-pandemic world, while 78% expressed fear of uncertainty. Only 13% of contractors are operating at optimum level in the UK, compared with 47% in 2019.

Crude oil production in India stood at 2.568Mt in October, dropping 6.24% from the same period in 2019. The total crude oil processed last month was 18.389Mt, a 16.13% fall from October last year. The output plunge is predominantly attributed to transportation hurdles and obstructions in installation of platforms due to Covid-19 pandemic related lockdown restrictions.

Residential gas use in Ireland increased by 29% in October from the previous month, while the demand from businesses surged 106%. The overall gas demand is not on par with 2019 as the Covid-19 pandemic induced curbs that affected various sectors. Industries including travel, education, hotels and leisure witnessed a decline in gas demand in October. The overall demand dropped by 6% in October from the same period in 2019.

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