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This will lead LNG production in 2024-26 to miss pre-pandemic forecasts, although there were a record number of FIDs in 2019 which will not be reversed despite Covid-19, the projects confirmed in 2019 will only start production around 2024-25, and will likely face construction delays of up to 12 months, said Wildgoose.

“We see a bright future for the gas industry and that’s reflected in many international oil companies shifting their portfolios,” said Cottell. “That said, a lot of companies are taking a pause and reassessing post-coronavirus.”

“Gas will continue to play an important role over the next 20-30 years,” highlighting the intermittent nature of renewable energy. “The pandemic will give gas more longevity than previously thought .”