The UAE’s oil and gas industry has been significantly disrupted by the coronavirus pandemic and has a unique set of challenges ahead, according to Carla Sertin, editor of Oil and Gas Middle East.
“We are on the verge of a major transformation. Like most, this transformation is more of an ultimatum than a choice — adapt or fall behind,” said Sertin.
“Most industries felt the impact of the coronavirus pandemic, but the oil and gas industry has a unique set of challenges. While facing historic low oil prices and oil demand, it also has to fight to remain relevant,” she added.
For oil and gas companies, which have extensive digital and physical assets, questions of cybersecurity are also constantly arising as threats shift.
With the emergence of the US as a major player in the global oil and gas market, and following the worldwide oil and gas crisis earlier in the year, the Organisation of Petroleum Exporting Countries’ (OPEC) relevance in the 2020s is also in question.
“OPEC recently acknowledged that we could see peak oil demand by the 2040s, calling into question its own role in the global energy market of the future, and with the growing presence of the US in the global oil and gas industry, we have to consider the possibility that OPEC’s role and relevance could shift in the near future,” said Sertin (pictured below).
“Equally, the results of the fast-approaching US election will have a definite impact on the nation’s oil policies, and in turn OPEC,” she added.
Issues of sustainability and a green planet are now more important than ever. As such, oil and gas companies need to define their role in securing a lower-carbon future while they tread the line between profitability and responsibility.
“There is a full spectrum of opinions on the responsibility of the oil and gas sector in relation to climate change, but far fewer voices about its potential role in creating a lower-carbon future. This is undoubtedly the biggest issue of our time, and one that cannot be resolved without the participation of the oil and gas industry,” said Sertin.
The Oil & Gas Middle East Future Forum, a one-day virtual event on Tuesday, will gather industry experts to share knowledge on all these urgent topics.
The event will feature three panel discussions which explore the most pressing issues facing the industry and look ahead to a recovery following a historic, turbulent year. To register, follow this link.
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