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September 14, 2020

Coronavirus company news summary – US oil and gas rig count falls again – BP forecasts fossil fuel consumption to shrink

By Jessica Paige

14 September

The US oil and gas rig count drops again for the first time in the last four weeks, despite gradual recovery of the market from historic lows due to Covid-19 pandemic. According to data from Baker Hughes, the figure dropped by two to 254 in the week to 11 September. The number of oil rigs and gas rigs declined by one each to 180 and 71 respectively.

Russia’s Gazprom is planning to trim its investment program and budget (financial plan) for 2020 amid ongoing Covid-19 crisis. The Gazprom Management Committee has endorsed the revised plan which aims to reduce overall investments by RUB182.235bn ($2.43bn). The total amount of investments will now stand at RUB922.489bn ($12.31bn).

BP has forecasted that fossil fuel consumption will shrink for the first time in modern history. According to a Reuters report, focus on renewable energy and the impact of Covid-19 pandemic will lead to the reduction in fossil fuel demand. The company estimates that the global economic activity will only partially recover from the epidemic impact over the next few years.

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