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September 21, 2020

Coronavirus company news summary – US oil rig count falls despite increase in energy prices – Coronavirus slows China’s gas demand growth

By Jessica Paige

21 September

The US oil rig count fell by one to 179 in the week to 18 September despite the recent increase in energy prices, Reuters reported citing data from the energy services firm Baker Hughes. In the same week, gas rigs rose two to 73. Overall, the total rig count increased by one to 255. This is 71% below the level recorded at this time last year.

Inpex and Chevron are set to trim their workforces in Australia amid Covid-19 crisis. Inpex plans to cut jobs at its Ichthys liquefied natural gas (LNG) project as crude prices remain weak. However, it did not confirm how many jobs it plans to axe. Chevron also noted that it will reduce its headcount in Australia as part of its global restructuring that involves trimming its workforce up to 15%.

The Covid-19 pandemic is set to decelerate China’s gas demand growth this year. In 2020, the natural gas consumption will grow at 4.2%, Reuters said citing a government research report. The figure represents the lowest growth rate in the last five years. In the first half of the year, the demand increased by 1.5%, the report further added.

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