Graham Hollis, Office Senior Partner for Deloitte in Aberdeen, comments on Business Outlook 2021, published on March 16, 2021.
“Today’s report is a clear account of the challenges and opportunities facing the oil and gas sector, as firms shift their mindset towards recovery.
“While the industry is used to the highs and lows of economic and price cycles, the last twelve months have been like nothing ever seen before. Firms have been in survival mode, responding to both the downturn in oil price and the difficulties associated with COVID-19.
“However, the pandemic has also turned into a “fast-forward” scenario for the industry, which brings with it a number of opportunities, and it is vital to capitalize on this. Pivoting towards a new energy future remains key, and the sector has a critical role to play, working with the UK and Scottish Governments to help build a sustainable recovery on the road to net zero. The UKCS also remains an attractive asset for investors, and alongside this, there are new opportunities emerging across the energy and emissions reduction landscape.
“Looking forward, firms will need to look for ways to bolster their operations through investment and transformative strategies as they navigate the lingering impact of the pandemic. Ultimately, as the Outlook notes, while road ahead will not be easy, the challenges are surmountable with collaborative working, commitment and a bold vision for the future.”
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