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The COVID-19 crisis has resulted in an unprecedented demand shock for the energy sector, and the weakened market environment has led many oil and gas companies to reduce capital expenditure (capex).
A new joint report by the International Energy Forum (IEF) and Boston Consulting Group (BCG), "Oil and Gas Investment in the New Risk Environment", examines the far-reaching impact of capex reductions on the energy markets and headwinds for the post-pandemic global economic recovery. It warns that weak energy demand caused by the COVID-19 pandemic and subsequent investment cuts by companies will have repercussions through a future supply shock.
According to the IEF and BCG analysis, the most critical long-term risk in the aftermath of COVID-19 will relate to investment. The report states that investment in oil and gas development will have to increase over the next three years by at least 25% annually from 2020 levels to stave off a crisis.
The report further explores how investment cutbacks and oil and gas project deferrals could impact policymakers' long-term goals and industry strategies:
Watch industry experts from IEF and BCG present key insights and analysis from the report on the future of oil and gas investments.