“To update the readers on how the COVID-19 pandemic hits the ASEAN energy sector, ASEAN Centre for Energy (ACE) releases several energy insights every quarter. The articles highlight the affected components and the recovery road from our archived news. In this insight, we feature the impact of COVID-19 in the ASEAN Oil and Gas sector during the year 2020. The oil and gas sector, which experienced the turbulent period getting through the pandemic, has started to bounce back despite the slow recovery. They remained resilient to survive and sustain their businesses. Both government and industry played key roles in addressing the challenges by providing adequate policy measures. The assistance has been provided by the authority, such as prioritising to purchase local fuel, loosening existing energy policy, and selling gas at a lower price. Meanwhile, the industry has adapted agile strategy by cutting costs and its capital expenditures, and diversifying its business portfolio into a more resilient energy sector and non-oil segments.”
This energy insight is supported by the ASEAN Climate Change and Energy Project (ACCEPT), funded by the Norwegian Government under the Norwegian-ASEAN Regional Integration Programme (NARIP) and is jointly implemented by the ASEAN Centre for Energy (ACE) and the Norwegian Institute of International Affairs (NUPI). The project includes the active involvement of key ASEAN stakeholders and helps enhance modelling, analytical and regional policy planning capacities within ASEAN.