Energy, Resources, And Utilities / POINT OF VIEW
We’ve reached a curious time in history where oil is being replaced by renewable energy sources. One of the key drivers making this transformation viable for traditional energy firms is the increasing reliance on technology. Though the oil economy still fuels the engine of trade and commerce, the same business is now funding the energy transformation journey of oil and gas companies. The latter are becoming more responsible and viable new energy companies with an increasing portfolio of renewable energy in line with the changing customer demands and lifestyle preferences.
At a time when already low oil prices are being further impacted by fluctuations in price and demand due to COVID-19, O&G companies must focus on making assets cheaper, more effective, and safer. Doing this right requires building resilience through digitalization and realizing the potential of the data to drive down operational cost and fund the expansion into the new energy sources.