This group brings together those who are interested in topics around oil and gas exploration, drilling, refining, and processing.

Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
  • 114 items added with 64,378 views
  • Nov 12, 2021
  • 444 views

The havoc created by Covid-19 over the past two years has had a huge impact on the oil and gas business.

 

WHAT HAPPENED?
  1. Oil & gas industry reeling from the ramifications of the 2014 crude price crash and the energy transition.
  2. The 2019 Pandemic

 

KEY FACTORS IMPACTING
  • In 2019 the anthropogenic climate change thrust into the political limelight.
  • Covid-19 outbreak rapidly became a pandemic, economic growth slowed as did demand for oil and gas.
  • The high-profile fires and floods in wealthy nations that brought home the impact of climate change to politicians and the public.
  • Securing internal and external finance for E&P sector becoming difficult to invest in oil and gas activities as sentiment turned against fossil fuels.
  • Successful Covid-19 vaccination campaigns in OECD countries, resulted resurgence in economic growth led to a spike in oil and gas prices caused by years of under-investment.
  • Sky-high energy bills have created huge problems in the industry supply chains.

  • Raw material and product costs have shot up; high energy prices have disrupted manufacturing; deliveries cannot be guaranteed due to shipping infrastructure issues; and wages are spiralling.

THE AFTERMATH
  • The E&P sector’s resilience is being tested like never before.

 

 

 

    Tariq Siddiqui's picture
    Thank Tariq for the Post!
    Energy Central contributors share their experience and insights for the benefit of other Members (like you). Please show them your appreciation by leaving a comment, 'liking' this post, or following this Member.
    More posts from this member
    Discussions
    Spell checking: Press the CTRL or COMMAND key then click on the underlined misspelled word.

    No discussions yet. Start a discussion below.

    Get Published - Build a Following

    The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.

    If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.

                     Learn more about posting on Energy Central »