EY global Oil & Gas leader, Andy Brogan said: ““The COVID-19 pandemic has significantly accelerated the timeline for digital technology adoption from five years to three months. The cost savings digital can deliver for organizations is critical for survival in today’s low-price environment, as oil and gas companies look to gain greater operational efficiencies and drive productivity across the value chain. However, to capture the full value of these investments, oil and gas companies need the skills to harness and use the technology to its maximum potential.”
His comments follow an EY survey, Oil and Gas Digital Transformation and the Workforce Survey 2020, which revealed that 90% of Oil & Gas executives agree that investments in technology and workforce are essential to surviving current market conditions.
The gap is not tech
The survey revealed that on average 46% do not have the skills within their current workforce to realize the investment on their adopted technologies.
Companies recognized a lack of maturity in many skills around digital technologies they have deemed as critical.
The increasing availability of big-data analytics and insights was cited by 43% of executives as one of the top three trends that will positively impact their company’s business growth in the next three years. However, the gap between strategic importance and maturity of key skills was one of the widest on data analytics at 59%.
Tim Haskell, US Oil & Gas People Advisory Services Leader, Ernst & Young LLP (EY US), noted that the oil and gas sector is now at a critical juncture in which the role of technology will only accelerate, the volume of data will only grow and competition for talent will only increase.
“It’s not enough for companies to simply spend more on technology. Investment in the workforce is needed to scale and integrate technologies and ultimately capture the intended value. Companies must find an investment balance while addressing market pressures. Otherwise, the industry could potentially lose crucial years and a generation of workers,” he added.
