- Nov 12, 2021 4:53 pm GMT
The havoc created by Covid-19 over the past two years has had a huge impact on the oil and gas business.
- Oil & gas industry reeling from the ramifications of the 2014 crude price crash and the energy transition.
- 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 E&P sector’s resilience is being tested like never before.
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