Nordic Oil and Gas Firms Innovate as Challenges Mount
ISG Provider Lens released a report highlighting how Nordic oil and gas companies are leveraging digital technologies to enhance operations and sustainability amid challenges such as rising commodity prices, the war in Ukraine, and the need for decarbonization. The report notes significant capital investments in Norway's oilfields and the ongoing commitment to achieving net-zero emissions. It emphasizes the growing skills gap in the industry, driven by rapid technological change and a high retirement rate. Notably, Accenture and TCS are identified as Leaders across all service quadrants in the report.
- Significant capital investments in Norwegian oilfields to address supply constraints.
- Nordic companies are committing to net-zero emissions by integrating renewable energy projects.
- Digital transformation aids in improving operational efficiency.
- Growing skills gap in the oil and gas industry due to technological changes and high retirement rates.
Companies seek solutions to improve operations and sustainability amid supply shocks, volatile prices and net-zero emissions requirements, ISG Provider Lens™ report says
The 2022 ISG Provider Lens™ Oil and Gas Industry —
“Producers in the Nordics have responded strongly to rising demand for both oil and gas and green energy resources,” said
Companies in
At the same time, Nordic oil producers are standing by commitments to achieve regional net-zero goals and reduce the environmental impact of fossil fuel extraction, the report says. Some are cutting their carbon emissions by selling off some fossil fuel operations and buying renewable energy projects and companies.
“Decarbonization will be a major issue for oil and gas companies in the Nordics for years,” said
As firms adopt innovative technologies, demand for qualified workers is growing, widening an already serious skills gap in the industry, ISG says. Many digital and technology workers at oil and gas companies have been left behind as professional standards have quickly changed, and the retirement rate in the industry is high. Filling these jobs is especially challenging due to relatively high wages in the region and potential employees’ concerns about the future of oil and gas.
In addition, the report examines a range of other trends affecting the Nordic oil and gas industry, including the growing importance of cybersecurity due to IT/OT integration and the rising demand for advanced solutions to manage capital projects.
The 2022 ISG Provider Lens™ Oil and Gas Industry —
The report names Accenture and TCS as Leaders in all five quadrants. It names Capgemini, LTIMindtree and Tietoevry as Leaders in four quadrants each and IBM, Infosys and Sopra Steria as Leaders in two quadrants each. CGI, Cognizant, Deloitte, DNV, EY, Kongsberg Digital,
In addition, Birlasoft, Cognizant, DNV,
The 2022 ISG Provider Lens™ Oil and Gas Industry —
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
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