The future of oil and gas is sustainability Sponsored by SAP
They may be surviving this pandemic even though oil prices are plummeting, but there will always be another threat looming and growing expectations from investors to become more sustainable. This is why preparation now will pay dividends in the future.Oil and gas has been severely impacted by a chain reaction of events. Factories were forced to shut down, curbing the need for cargo ships and planes.
of oil consumption in transportation. And as a result of all these realities, worldwide oil demand dropped considerably.6.8 million barrels a day this year. While the worst is most likely behind us, as governments begin reopening municipalities, an ongoing contraction from previous highs is inevitable for the foreseeable future. But with that said, the oil and gas industry has put in significant effort to cut supply in order to minimize the blows dealt by such a major drop in demand.The closing of offices around the world has put remote work to the test.
Galp isn’t the only company in the oil and gas space that is putting digital transformation front and center during this unprecedented time. In the past few weeks a steady stream of companies announced they would allow their workers to work from home for longer and longer periods of time due to the persistent threat of coronavirus and the proof that remote staff can be productive. Chevron CEO Mike Wirth in anDaniel Yergin Stated “There will be a new paradigm on the other side of this.
It's entirely possible that other sectors will follow this lead and save on office space in the long run. And this, too, will impact oil and gas, as a lifestyle change away from the office will cut down on the amount of gas needed to transport professionals to offices and business meetings. Across industries, cost reduction has been a focus to ensure business continuity.
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