Gulf Business|July 2020
The Covid-19 pandemic has served as a sharp reminder to various industries in the Middle East of the benefits of having a strong digital transformation strategy to ensure business continuity. This is especially the case for the oil and gas sector, which remains a pillar of many national economies in the region. As a result of both Covid-19 and a subsequent drop in oil prices, the existing sector challenges of price volatility, operational costs, workforce shortages, safety, and environmental pressures have increased.
There have been regional energy companies — particularly those in the oil and gas arena — who have been embracing digitisation in recent years. Their transformation is commendable, and a testament to how technology can help preserve business success. According to one whitepaper released by the World Economic Forum, digital transformation could unlock more than $1.6 trillion in new value for the global oil and gas industry between 2017 - 2027.
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