Keeping pace with the competition is a critical reality for the oil and gas sector. Operators need to cut costs, target efficiency gains and lower their carbon footprint if they want to maintain strong revenues and attract potential investors. And this has only been emphasised by the past pandemic year.
A data-centric, agile approach that allows firms to take a more proactive stance is the key for many companies. Digitalisation in oil and gas may have historically lagged other sectors, but this position is rapidly changing. Adoption and appetite for new technologies are growing across the entire value chain, and the looming energy transition is only accelerating this trend.
Digitalisation has the power to reshape business strategies across the oil and gas sector. New technologies help drive down costs, improve efficiencies and offer fresh opportunities for value creation. The Covid-19 pandemic has only underlined the importance of digital solutions, with traditional office work upended and employees collaborating virtually across the world. We spoke with industry leaders to find out their views on the forces driving the transformation.