Oil and Gas UK’s Business Outlook 2021: ‘Fast-forward’ recovery

Source: press release, 16 March 2021

Graham Hollis, senior partner for Deloitte’s Aberdeen office
Graham Hollis, senior partner for Deloitte’s Aberdeen office (photo: Deloitte)

Oil & Gas UK’s Business Outlook Report reflects on the sector’s past performance and assesses its future prospects. The information that forms the basis of this report is provided by members from across the industry, uniquely positioning Oil & Gas UK to set out the business outlook for the whole sector.

Commenting on the flagship report into industry performance, Graham Hollis, senior partner for Deloitte’s Aberdeen office, says, “Today’s report is a clear account of the challenges and opportunities facing the oil and gas sector, as firms shift their mindset towards recovery.”

“While the industry is used to the highs and lows of economic and price cycles, the last 12 months have been like nothing ever seen before. Firms have been in survival mode, responding to both the downturn in oil price and the difficulties associated with COVID-19,” he continues.

“However, the pandemic has also turned into a ‘fast-forward’ scenario for the industry, which brings with it a number of opportunities, and it is vital to capitalise on this. Pivoting towards a new energy future remains key, and the sector has a critical role to play, working with the UK and Scottish Governments to help build a sustainable recovery on the road to net zero. The UKCS also remains an attractive asset for investors, and alongside this, there are new opportunities emerging across the energy and emissions reduction landscape.”

“Looking forward, firms will need to look for ways to bolster their operations through investment and transformative strategies as they navigate the lingering impact of the pandemic. Ultimately, as the Outlook notes, while road ahead will not be easy, the challenges are surmountable with collaborative working, commitment and a bold vision for the future,” concludes Hollis.