Global oil and gas operators entered 2020 unaware of what the events in the first quarter will bring, including the extent and the aftermath of those events. As the Covid-19 pandemic decimated the global oil demand and drove oil prices down to new lows in early 2020, many players found themselves in an extremely difficult position. Some of those who barely managed to survive the previous downturn without filing for bankruptcy were not so lucky this time around.
The operatorsâ first response to the downturn was to reduce their costs well into 2021 and adapt their strategies to the new environment, but the prolonged economic recovery has left many knocking on bankruptcyâs door.
This means that, for some, consolidation may be the only way to stay solvent.
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