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Oil, Gas & Chemicals
Deloitte’s Global Oil, Gas & Chemicals professionals work with clients to help maximize business potential across the full spectrum of the industry. From super majors and trading businesses to independents, we deliver services, perspectives and solutions that best suit the business and its people.
2022 oil and gas industry outlook
A period of transformation
As we move into 2022, many oil and gas (O&G) companies are looking to reinvent themselves by practicing capital discipline, focusing on financial health, committing to climate change, and transforming business models. The positivity of such changes is reflected in our survey, where nearly two-thirds of O&G executives state they’re highly positive about strategic changes made by their organizations.
The journey of transformation has just begun for the industry, and simply managing or riding oil price cycles aren’t options anymore. Over the next 12 to 18 months, O&G strategists should:
- Streamline and optimize their resource portfolios
- Embrace and develop smart goals for the energy transition
- Attract, train, and retain employees in a tight labor market
- Come to terms with additional environmental, social, and governance (ESG) requirements
Purpose-driven, tech-enabled, and human-powered organizations with smart interim goals and progressive communication and disclosure strategies can make it happen. Our 2022 oil and gas industry outlook explores five trends, from M&A activity to fuel retailing, that will likely influence the direction of the industry over the next 12 months.
Chemicals 5.0 on the rise
Chemicals gaining importance for oil and gas companies
Chemicals have always been part of the oil and gas portfolio. But with increasing pressure to reduce hydrocarbon emissions, the growth of petrochemicals has started to outpace demand growth of other market segments. Oil and gas companies are under mounting pressure to not only further develop their chemicals business but also transform it to address new social, political, and customer-driven requirements to achieve a more sustainable future.
The European Green Deal of 2019 is but one of several ambitious plans globally to reduce greenhouse gases (GHGs) and reach carbon neutrality. While many chemicals companies have taken responsibility to reduce emissions, the sector is one of the largest emitters of GHGs. The transformation required of them will be an opportunity to demonstrate how oil can be used in a responsible way to create sustainable products.