COVID-19 and sustainability will continue to significantly affect the oil and gas industry, according to data and analytics company GlobalData, after identifying the top 20 themes that will have the most influence on the sector.
More specifically, GlobalData’s report, ‘Top 20 Oil and Gas Themes, 2021 – Thematic Research’, identifies key themes that will shape the industry in 2021, including renewable energy, hydrogen, electric vehicles (EV), energy storage, LNG and gas flaring.
Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments on the report:
Tech themes such as robotics, industrial internet, artificial intelligence (AI), big data, cloud computing and cybersecurity will be of paramount importance as the industry looks to become more efficient. Oil and gas companies are likely to take a varied approach concerning different tech themes, depending upon their immediate requirements. Cloud computing and cybersecurity themes will come to the fore with the post-pandemic new normal of remote working
Puranik also added that COVID-19 shocked the oil and gas demand, delayed projects and raised additional questions about the potential for future oil demand growth. Taking these factors into consideration, the perceived shift towards new energies will affect new crude oil developments, especially ones requiring longer turnaround time.
What is more, oil majors such as Total, Shell, BP and Equinor will be leaders in implementing sustainability initiatives at their workplaces.
Besides setting net-zero emission targets, these companies have initiated concrete steps to invest in low-carbon projects, including renewables, hydrogen, and carbon capture and storage to show their commitment towards the environment
said Puranik.
