Oil and gas sector to invest in technology for cost savings

Singapore

THERE is increasing recognition across the global oil and gas industry that cost-cutting is not the way to go. Rather, digital investment is the strategy to improve efficiency that in turn will lead to cost savings, a study found.

According to an EY report, 89 per cent of the 100 global oil and gas executives across the value chain surveyed (15 per cent of respondents were from Asia-Pacific) in the second half of 2018 expected to accelerate their investment in digital technologies over the next two years.