Oil and gas drilling is set for a “staggering” decline this year, said Rystad Energy which expects global drilling activity to reach at least a 20-year low in 2020.

Rystad Energy released analysis on July 14 showing the number of drilled wells globally this year will reach around 55,350—the lowest level since at least the beginning of the century, according to the energy consulting firm.

“The decline is a staggering 23% fall from 2019’s number of 71,946 wells,” the firm said in its release.

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