Oil And Gas

Oil and gas industry in recent years has begun to benefit from the development of advanced technology for increasing upstream activities. Enduring use of unconventional oil & gas assets including tight gas & shale oil along with a paradigm shift towards the exploration of mature oil fields will complement the industry scenario. In addition, increasing exploration of unconventional wells along with integration of advanced technology for oil & gas business is further expected to benefit the industry landscape down the line. In recent years, the industry has recovered from a downturn and has been able to make a turnaround owing to stability in global oil prices post Covid-19 pandemic. Sectors including oil & gas infrastructure, analytics, electrification, among others were adversely affected due to the pandemic. Forced lockdown across the globe resulted in decrease in demand for oil & gas owing to travel restrictions from the end users. Furthermore, the pandemic resulted in retailers to halt their business activities for a certain time-period due to low-capacity operations across refineries impacted by the decline in sales.

Various government regulations & mandates to safeguard operations in upstream, mid-stream, & downstream activities along with development & adoption of advanced technology is anticipated to have a positive impact on the industry. In addition, integration of software solutions including artificial intelligence, analytics, big data, drone technology, electric monitoring, among others is benefiting the industry on a large scale. Furthermore, robust investment across oil & gas industries for the exploration of shale reserves along with an increasing trend to reduce the impact of pollution generated through conventional sources of energy is anticipated to increase the adoption of various methods including oil & gas electrification, and IoT across industries.

Drivers:

• Increasing exploration & production activities along with rise in demand for natural gas will positively sway the industry dynamics.
• Favorable government policies in conjunction with increasing private & public investments to integrate oil & gas industry with digital technologies including AI, data science, automation, cloud services, blockchain, augmented & virtual reality for training, among others will have a positive impact on the industry growth.
• Increasing leading players initiatives on the deployment of analytical software across the industry along with offering technological expertise to increase the exploration rate in the oil & gas fields will augment the industry landscape.
• Dependability of resources for power generation coupled with increasing requirement for petroleum products including diesel fuel, fuel oil, liquified natural gas, gasoline, among others will further benefit the oil & gas industry down the line.