"Instead, oil majors will be forced to beef up their green energy portfolios in order to survive," Mr Brennock said.Compared to pre-virus plans, the energy sector has slashed exploration projects in UK North Sea waters by 70 per cent and by 30 per cent off the coast of Norway, according to research group Westwood.
In the United States, more than 30 oil exploration and production companies have this year filed for bankruptcy, according to Texan law firm Haynes & Boone. "In the past, we have seen that massive capital expenditure cuts to majors' budgets did not really impact their future production.
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