April 2020 saw oil prices dip negative for the first time in memory. A mixture of COVID-19 travel restrictions worldwide, an oil price war and potential global recession led the oil price to tumble.
As a cyclical industry, the oil and gas sector is well-used to weathering storms, but this is the second in quick succession after the 2014/15 crash, meaning this one is different.
Naturally, companies will look both internally and externally to reduce costs in response, whether that’s by delaying works, reducing headcounts or cutting expenditure along the supply chain. The best likely answer? Innovation.
Download our article: 'Future forward operations: Putting innovation at the top of the offshore agenda and maximising return' and learn more about how intelligent approaches to innovating and finding new ways of working can offer operators a solution to ensure maximum return from any investment.