State of the Industry: Top Challenges in the Oil and Gas Industry

The entire energy sector is on the brink of tremendous change. As the sector shifts towards more sustainable energy sources, the oil and natural gas sector is being forced to adapt while still providing major sources of power for the world. In this guide, we dive into the top five challenges in the oil and gas industry and share innovative and actionable solutions to address them.

Top 5 Challenges in the Oil and Gas Industry

The energy landscape is generally being disrupted by various factors: geopolitics, high interest rates, rising material costs, changing policies and regulations, and emerging technology. The top five challenges in the oil and gas industry are currently:

1. Supply chain and economic turbulence
2. Digital transformation
3. Sustainability
4. Employee and environmental safety
5. Workforce challenges (e.g., retention and hiring)

Top Solutions for Oil and Gas

This guide walks through each challenge in detail and suggests three main solutions that oil and gas companies should consider:

1. Online training and upskilling to improve safety and increase employee retention.
2. Digitization and embracing key technologies to reduce costs and improve operational efficiency and sustainability.
3. EHS management solutions to reduce costs of noncompliance and improve safety.
4. Talent management and workforce development to improve retention and aid in cross-training employees as the industry pivots its priorities.
5. Supply chain management to improve resilience in a turbulent time.

Download our guide to learn more about these top oil and gas industry challenges or request a demo to see our solutions in action.