Even when the Covid-19 downturn is finally past us, operators will have to continue exploring new avenues for cost reductions to be better equipped to withstand future market declines. In a report that looked into the adoption of robotics across the petroleum industry, Rystad Energy found that existing solutions could replace hundreds of thousands of oil and gas jobs globally and reduce drilling labor costs by several billion dollars by 2030, if there is an industry push for such a transition.
A new survey has been launched by Platform and Friends of the Earth Scotland to hear from workers in the oil and gas industry and supply chain about how COVID-19 and the oil price crash have impacted their working life. Hundreds of workers have already responded, detailing their experience in the industry, their fears around job security and what type of future they want.
We’ve endured downturns many times before but the rapid spread of Covid-19, the resulting restrictions on working offshore and drastic fall in oil price has meant that the UKCS has never before faced challenges like this.