The US oil and gas sector is facing several huge transitions all at once: the immediate crisis brought on by the pandemic and a longer-term energy transition away from fossil fuels.
Today we're looking at a third shift confronting the US upstream: digital transformation and the need for the oil and gas workforce to catch up in this area.
A new survey by Ernst & Young found a major digital skills gap among the oil and gas workforce, and the pandemic is increasing the urgency to close it.
About 92% of oil and gas executives surveyed believe their companies need to change the way they operate coming out of the downturn, but less than half said they have a robust plan to reskill staff and capture the value of digital transformation.
Tim Haskell, EY's US oil and gas people advisory services leader, tells us some other findings from the survey and how the industry's response to this challenge will determine future growth.
Stick around after the interview for the Market Minute, a near-term look at oil market drivers.