The introduction of unconventional fuel systems including shale gas, bio-fuels along cut-throat geopolitical barriers including the Saudi-Russia oil price war has infused a volatile business scenario. The effect of these major disruptions has resulted in price volatility across the world. Besides, the introduction of the International Maritime Organization (IMO) 2020 regulations has strictly mandated desulfurization across the marine sector that has compelled oil & gas operators to restructure and sustainably organize their business and technological enhancements.
Companies including BP, Shell, and other oil & gas industry players have proactively assessed the underlying challenges and have initiated projects and programs directed towards technological & strategic developments to address the challenges. Also, various technology-oriented companies and associated digital technology developers have continuously been working towards the development of autonomous technologies and IIOT driven platforms to support and enhance operational performance and cost reduction.
Since the last few years, the O&G industry has undergone a visionary change from a conventional ecosystem into a digitized and circular business platform. The research study focuses on four key factors where digitization, autonomous process developments, strategic implementations to averse risk, and enhancing operational efficiency will play a major role in shaping the industry sustainability.
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BP
- Shell
