COVID-19 and the Energy Industry – A Transitory Shock or New Path?
The COVID-19 pandemic has caused acute disruptions the world over. The energy sector, in particular, has been severely impacted raising questions like:
- How have collapsed oil prices affected investment decisions and strategic priorities?
- What measures have companies taken to reduce the stress on their business, finance and people?
- What changes are more temporary versus permanent?
- How have digitalization initiatives been impacted?
These are just some of the questions that Crystol Energy and AspenTech have tackled in an online survey, and now we’re ready to share the findings.
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The energy industry has been hit hard by current global economic interruptions: rapid drops in demand, a changing mix of preferred products, plummeting crude prices, difficulty staffing essential production sites and fragile supply lines. Energy companies are re-examining their digital capabilities and increasing their focus on digitalization as an essential strategy.
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