How digitisation will help THE OIL AND GAS INDUSTRY

Gulf Business|July 2020

How digitisation will help THE OIL AND GAS INDUSTRY
Deploying technological tools will help regional oil and gas operators improve worker health and safety and innovate to find new solutions

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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July 2020