Resilience is What the Oil and Gas Industry has Inherited—Reassessing, Analyzing and Mitigating the Risks in Current Situation and Proposing the Roadmap Ahead

Abstract

Oil and gas industry has survived in times of challenging realities and this paper portrays how the industry has dug itself out of the volatile scenarios always confronting the shocks. The research has been done analyzing the events that the industry has already faced and taking into account the ongoing disruption of human epidemic that has adversely affected and deviated the stock market indices, worsening the Global recession. It further depicts all the risks faced by the industry and its adverse impacts on its profitability. The chapter also narrates the possible strategies Oil and Gas companies can adopt to overcome the recession caused by the pandemic. The authors make a retrospection into the similar events in the past, the valuable lessons learned from those scenarios are used to analyze current and future situations for Oil and Gas companies—How Oil and Gas companies can leverage the latest automation, digitalization and optimization technologies to minimize risk and maximize profit margins in turbulent times? The reader will gain an overview of the environment and factors affecting the productivity of the industry as a whole. The authors propose a roadmap (incorporating the important building blocks of the industry) for Oil and Gas companies to become resilient to the disruptions, enabling it to shine brighter.