The global oil and gas industry is witnessing a major phase of uncertainty. Ever since the Gulf region was the hub for oil discoveries, the oil boom made GCC economies strong and cash-rich. This translated into heavy investments in government projects and higher disposable income in the hands of local people. As oil and gas reserves continue to deplete, government focus in the last few years has been on diversifying the economy from hydrocarbons to non-oil industries. A recent focus on renewables is further driving the industry into decline as energy becomes clean and cheap. Political developments in Iran over its sanctions have become a story of the past as Iran rejoins the global economy making cheap oil easily available. Oil companies have already suffered heavily and continue to bleed in red after oil prices were slashed from $110 to $30 a barrel.

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In this scenario, diversification into other product lines/industry verticals will remain a key driver. Blackboard consultants have worked with leading oil and gas companies in helping them conduct feasibility studies on possible alternative product lines to help remain profitable and sustainable.

 

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