What are the key trends to watch in the upstream oil and gas industry in 2021?
Tackling unprecedented challenges became the new normal for the oil and gas industry in 2020. In rising to those challenges the sector challenged stakeholders' perceptions of what was possible – and set records for responsiveness in extraordinary circumstances.
There’s little doubt that uncertainty and contingency will continue to be recurring themes in the year ahead. But dealing with unknowns is a core industry strength, and we’re also seeing great resilience and efficiency. While there are many challenges ahead, are the foundations being laid for a broad sector recovery? What are the biggest trends to watch out for?
Drawing on powerful insight from Wood Mackenzie Lens, our team of global experts came together to share their predictions for the industry in 2021:
- Continued underinvestment will precede higher prices
- The supply chain will bounce off rock bottom
- Governments will start to make harvest versus growth decisions
- Momentum to reduce carbon emissions will grow
- Exploration will be profitable, just with less fanfare
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Alexandre Araman, Principal Analyst, Middle East Upstream