The impact of COVID-19 on oil and gas 
                          security  
         
                   APEC Oil and Gas Security Studies 
                           Series 18 
                                
                                
                                
                     APEC Energy Working Group 
                           April 2022 
         
                       
         
         OGSS Series 18 
         Impact of COVID-19 on Oil and Gas Security in the APEC Region 
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         EWG 01 2020S 
          
          
         Produced by 
         Asia Pacific Energy Research Centre (APERC) 
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         Email: info@apec.org   
         Website: www.apec.org 
          
         © 2022 APEC Secretariat 
          
         APEC#222-RE-01.3. 
         ISBN 978-981-18-4295-5. 
                          
                                                     APERC 
                                                      OGSS Series 18 
                             Impact of COVID-19 on Oil and Gas Security in the APEC Region 
                                                      P a g e   |   2  
          
         TABLE OF CONTENTS 
         Foreword ....................................................................................................................................................... 4 
         Acknowledgements ....................................................................................................................................... 5 
         Executive summary ....................................................................................................................................... 6 
         Section 1. Introduction ............................................................................................................................... 10 
          1-1 Objective and scope of this study ..................................................................................................... 10 
          1-2 Definition of energy security ............................................................................................................ 10 
          1-3 Effects of the COVID-19 pandemic on APEC economies .................................................................. 11 
          1-4 Report Outline .................................................................................................................................. 11 
         Section 2. Impact of COVID-19 on oil and gas demand in APEC Economies .............................................. 13 
          2-1 Oil demand ........................................................................................................................................ 13 
          2-2 Impact of COVID-19 on gas demand and trade ................................................................................ 19 
          2-3 Short-term and medium outlook for demand .................................................................................. 24 
         Section 3. Impact of COVID-19 on oil and gas supplies .............................................................................. 28 
          3-1 Immediate impact of the pandemic ................................................................................................. 29 
          3-2 How COVID-19 impacts investment trends ...................................................................................... 33 
          3-3 Short to mid-term impact on oil and gas supplies ............................................................................ 35 
          3-4 LNG infrastructure delays in APEC economies ................................................................................. 40 
         Section 4. Fiscal implications of COVID-19 in the APEC region ................................................................... 44 
          4-1 Government and central bank response to COVID-19 in the APEC region ...................................... 44 
          4-2 Where is COVID-19 relief money going? .......................................................................................... 52 
          4-3 What could be learned from the Great Recession relief packages? ................................................ 56 
         Section 5. The impact of COVID-19 on oil and gas SUPPLY SECURITY ........................................................ 59 
          5-1 Implications for oil supply security ................................................................................................... 59 
          5-2 Implications for natural gas supply security ..................................................................................... 62 
          5-3 Energy subsidies in an era of reduced oil and gas security .............................................................. 66 
         Section 6. potential actions governments can take to enhance energy security ....................................... 67 
          6-1 Potential actions to address oil supply security risks and vulnerabilities ........................................ 67 
          6-2 Potential actions to address gas supply security risks and vulnerabilities ....................................... 72 
          6-3 Potential actions that could improve both oil and gas supply security ............................................ 76 
                                                     APERC 
         OGSS Series 18 
         Impact of COVID-19 on Oil and Gas Security in the APEC Region 
         P a g e   |   3  
          
          6-4 Enhancing oil and gas supply security .............................................................................................. 77 
         References .................................................................................................................................................. 78 
                          
                                                     APERC