What is the future of oil industries?
India’s oil demand is projected to rise at the fastest pace in the world to reach 10 million barrels per day by 2030, from 5.05 million barrel per day in 2020. Natural Gas consumption is forecast to increase at a CAGR of 4.18\% to 143.08 million tonnes by 2040 from 58.10 million tonnes in 2018.
What is the future of gas?
In fact, bp has predicted a strong future for natural gas, that by 2050 it would provide 22\% of primary energy in their “Rapid” future scenario, compared with 45\% for renewables. DNV’s prediction is about the same – gas will stay fairly constant between 2020 and 2050, while oil and coal start declining in 2025.
Are people the future of the oil and gas industry?
At a time of rapid advances in artificial intelligence, automation, and human-machine interaction, people will remain core to oil and gas companies (and their HR functions). In fact, at all levels of the organization, each employee will need to create ever more business value.
How is HR changing in the oil and gas industry?
Taken together, the industry disruptions and fundamental changes to HR across industries described have deep implications for oil and gas companies’ HR functions. In light of this, oil and gas companies must consider refreshing their HR strategy and rethinking their HR operating model.
How will the oil and gas industry define success post-energy transition?
Oil and gas executives need to take stock of the competencies that will define success post-energy transition, figure out the gaps and fill them. There is no one-size-fits-all approach, and the industry will not respond in unison. Companies will go down different paths and the strategies that succeed will shape the future of the industry.
Is the oil and gas industry a reliable employer?
Mass layoffs and heightened cyclicality in employment continue to challenge the industry’s reputation as a reliable employer. US O&G companies laid off about 14\% of permanent employees in 2020, and our research shows that 70\% of jobs lost during the pandemic may not come back by the end of 2021.