One-third of energy companies plan to cut jobs, which could result in 350,000 positions at risk across the G7 economies, a survey by the World Energy Council has shown.

The survey, carried out to gauge the impact of the coronavirus pandemic on the energy sector suggested that 1-in-3 energy companies plan to shut one or more business units in response to the conditions caused by the pandemic.

Four out of five plan drastic cost reductions and 4-in-10 report cutting operational expenses by more than 10%. There will be an estimated reduction of $200-$400bn in capital expenditure (capex) based on pre-pandemic estimates of total energy capex of $1.8 trillion.