Top Oil and Gas Themes in 2021
Data and analytics company GlobalData has identified several themes which are “set to have the most influence” on the oil and gas sector this year.
According to the company, Covid-19 and sustainability will continue to heavily impact the oil and gas industry. Other key themes which will shape the sector in 2021 include topics such as renewable energy, hydrogen, electric vehicles, energy storage, liquefied natural gas, and gas flaring, as well as others, the company outlined.
“Tech themes such as robotics, industrial internet, artificial intelligence, big data, cloud computing, and cybersecurity will be of paramount importance as the industry looks to become more efficient,” Ravindra Puranik, an oil and gas analyst at GlobalData, said in a statement sent to Rigzone.
“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,” Mr Puranik added.
The GlobalData analyst noted that the pandemic brought a major oil and gas demand shock, delayed projects, and raised additional questions about the potential for future oil demand growth. Against this backdrop, the perceived shift towards new energies will affect new crude oil developments, especially ones requiring longer turnaround time, Mr Puranik said.
“Themes such as shale or integrated refineries, which were flourishing until 2019, came under extreme pressure in 2020 due to the pandemic,” he stated.
“Prominent shale drillers such as Chesapeake Energy and Whiting Petroleum went through bankruptcy proceedings, while ace refiners such as Shell and Marathon Petroleum announced the permanent closure of some of their refineries to mitigate the downturn,” the GlobalData analyst added.
“Oil majors such as Total, Shell, BP and Equinor will be at the forefront 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,” Mr Puranik continued.
In addition to the oil and gas sector, GlobalData covers several other industries, including mining, power, automotive, technology, construction, and packaging. The business was formed back in 2016 following the consolidation of several data and analytics providers.
Source: Rigzone