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July 6, 2020

Coronavirus company news summary – US oil and gas rig numbers fall – Dominion, Duke withdraw from Atlantic Coast Pipeline – Covid-19 oil price collapse rattles Russian economy

6 July

The number of oil and natural gas rigs operating in the US fell for the ninth consecutive week amid the Covid-19 pandemic. In the week to 2 July, the figure dropped to an all-time low of 263, according to Baker Hughes data. The number of oil rigs fell by three to 185, while gas rigs increased by one to 76.

Dominion Energy and Duke Energy have decided to exit from the $8bn Atlantic Coast Pipeline project due to delays and spiralling costs. The decision comes a month after the US Supreme Court gave the project a favourable ruling despite the concerns of environmentalists. Dominion and Duke anticipate further legal hurdles, which triggered their withdrawal.

According to an ANI report, the Russian economy has been badly hit by the Covid-19 pandemic and the following oil prices collapse. The unemployment rate in Russia also soared in the last few months, with the number of listed jobless people hitting 4.5 million. The oil and gas sector contributes nearly 40% in taxes to the country’s budget.

India’s gas industry is expected to receive around $140bn investment over eight years as the Covid-19 pandemic accelerates energy transition in the country, The Economic Times reported, citing a Morgan Stanley report. The gas industry is expected to contribute around 10% of India’s energy supplies by 2025, the report added. Currently, the figure stands at around 6%.

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