A brand new report produced by Oxford Enterprise Group (OBG) in partnership with Alkhorayef Petroleum explores the important thing position that digitalisation and innovation are poised to play within the world oil business’s restoration
Modern options will play a key position within the business’s restoration. (Picture supply: Adobe Inventory)
The “Oil & Fuel Providers: Put up-Pandemic Prospects” report, a part of OBG’s Covid-19 Response Report (CRR) sequence, supplies data-driven evaluation of the business’s pandemic efficiency and prospects for development, with a concentrate on three markets – Saudi Arabia, Egypt and Colombia.
Saudi Arabia’s plans to extend its market share by boosting manufacturing capability over the medium to long run, as manufacturing within the USA and Russia progressively slows, are a key focus of the report. The Kingdom’s aggressive benefits embrace low extraction prices and well-established power infrastructure.
Egypt has been making strategic efforts to extend manufacturing from present websites, whereas additionally accelerating new exploration, most notably within the promising Western Desert area, the place new know-how is predicted to cut back beforehand prohibitive prices.
Whereas in Colombia, strikes are underneath method to step up exploration and manufacturing, together with the exploitation of recent fuel reserves, to assist enhance the sector’s competitiveness and counter the problem of excessive manufacturing breakeven costs.
The report explores Alkhorayef Petroleum’s technique for navigating the pandemic and plans for growth, which embrace sustaining a pointy concentrate on R&D, fostering regional partnerships and growing human capital.
Jana Treeck, OBG’s managing director for the Gulf, stated that revolutionary options are anticipated to be key in serving to business gamers to reinforce operational efficiencies at a time when maximising value effectiveness and minimising environmental affect are each excessive on the agenda.
“The oil worth crash of 2014-15 was nonetheless weighing on the worldwide oil business’s efficiency when the pandemic hit, leaving upstream operators and repair suppliers going through cost-related challenges and decrease revenue margins,” she stated. “Whereas ongoing uncertainty referring to Covid-19 variants may imply an uneven world restoration, profitable vaccine rollouts ought to contribute to a sustained rebound in world oil demand and costs within the close to time period.”
The report will be downloaded at https://oxfordbusinessgroup.com/news/report-how-covid-19-pandemic-re-shaping-global-oilfield-services-sector
