Reimagining Digital Transformation in APAC Oil, Gas & Petrochemical companies

IDC’s survey found that 68.8% of oil and gas operations in the Asia Pacific region expect to focus on reducing operational risk and increasing resiliency going forward. Disruption and risk are an accepted part of the oil and gas business, but even for seasoned operators 2020 has been exceptional. Price shock for upstream companies & economies coupled with a massive drop in oil demand due to lockdowns during COVID-19 has had significant impact on operations, supply chain and capex of oil companies. In addition, Regulatory change like IMO2020 is impacting the supply chain and bringing in changes to the refinery configuration. Many companies have moved to a sharp cost reduction strategy, with IDC’s survey showing Asia Pacific oil and gas companies not surprisingly shifting their top business priorities in cost efficiencies, maintenance strategies and modernizing the decisioning process. Resiliency led and market-led operational strategies that enable oil and gas companies to adapt to change depend on data insight enabled in such a way that consistently improves the quality and speed of decision making. For Asian oil and gas operations, the extent of digital transformation maturity is a critical driver for the ability of the operations to respond strategically to current challenges. The ability to access insight that enables the business to respond and pivot is key.