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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
  • 136 items added with 95,144 views
  • Nov 12, 2021

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


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


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





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