Global exploration and production (E&P) investments may take a substantial hit this year because of the coronavirus, as staffing and supply shortages at key construction yards in Asia and beyond delay project deliveries by up to a year. The global markets were poised to extend the worst losing streak since the 2008 financial crisis, with the virus, officially dubbed Covid-19, forecast to pound productivity levels this year. “Our current assessment forecasts that Covid-19 could result in global E&P investments falling by around $30 billion in 2020 — a significant hit to the industry,“ said Rystad Energy’s Audun Martinsen, head of oilfield service research. Some of the investments are likely to come back in 2021, he said, but the situation is expected to worsen in March, slamming the global services industry well beyond Asia. “As the virus has caused reduced industrial activity and travel restrictions in China and beyond, much […]