2020 was a very difficult year for individuals and companies around the world. Covid-19 has affected all aspects of our lives and has impacted the energy sector in a number of ways, most noticeably in falling energy prices due to reduced global demand. The downturn in the industry has led to energy companies reacting by cutting costs, reducing staff, shelving projects, and delaying exploration and development decisions. Because data and information drives everything we do in the industry, including business decisions at all levels, it is important companies continue to invest and look after their data and information assets. Information and data content should be a clear competitive differentiator for energy companies.
This paper looks at how energy companies need to react to the downturn and plan for the upturn. Data and information managers should be seizing the opportunity to show that data and information can be instrumental in helping the business achieve its objectives.