ISG to assess providers of oil and gas industry services

The study results will be published in a comprehensive series of ISG Provider Lens™ reports, called Oil and Gas Industry — Services and Solutions, scheduled to be released in December 2024. Two regional reports – one covering the North America market and the other Europe – will evaluate services including enterprise asset management, next-gen information technology and operational technology (IT/OT) services, data management and cloud computing, and energy transition.

Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.

Technological advancements continue to play a transformative role in the oil and gas industry. Increasing demand for IoT, data analytics and AI, especially generative AI (GenAI), is expected in the next two years. These technologies are poised to optimise production processes, improve equipment maintenance through predictive analytics and enable remote monitoring for increased safety and efficiency.

Oil and gas companies are also seeking technology solutions to support decarbonisation strategies and energy transition. Governments are enacting stricter regulations to combat climate change, with policies such as the US Inflation Reduction Act and the proposed European Net-Zero Industry Act driving companies to reduce emissions. Such regulations necessitate a shift in capital allocation, with investments flowing toward clean and green processes such as carbon capture and storage, hydrogen production and renewable energy integration.

“The oil and gas industry is facing a highly complex environment,” said Iain Fisher, Director of ISG Provider Lens Research. “While fossil fuels remain a significant energy source, the winds of change are undeniable. Geopolitical tensions, the ongoing push for energy security and the relentless march toward a low-carbon future are all shaping the industry landscape.”

For the study, ISG has distributed surveys to 37 providers of oil and gas industry services and solutions. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the services and solutions the typical oil and gas company is buying based on ISG’s experience working with its clients. The four quadrants are:

• Enterprise asset management: evaluating services and solutions providers that help oil and gas companies optimise the performance and utilisation of assets throughout their lifecycle, increase production uptime and reduce operational costs.
• Next-Gen IT/OT services: covering service providers that help clients in the oil and gas industry increase efficiency, ensure compliance and minimise overall costs, with offerings including infrastructure services, application development and maintenance (ADM), IoT-based solutions, cybersecurity, remote monitoring, digital twins and more.
• Data management and cloud computing: covering providers of cloud data and process management, storage, application and master data management services to the oil and gas industry, enabling centralisation of data and processes and transition from legacy systems.
• Energy transition services: evaluating providers offering services helping oil and gas companies achieve net-zero carbon transition targets, implement energy efficiency initiatives, and drive new business models for the evolving energy ecosystem.

Geographically focused reports from the study will cover the global oil and gas technology market and examine products and services available in North America and Europe.

Read the article online at: https://www.hydrocarbonengineering.com/refining/05072024/isg-to-assess-providers-of-oil-and-gas-industry-services/