Nordic Oil and Gas Firms Innovate as Challenges Mount
Oil and gas enterprises in the Nordics are adopting new digital technologies to boost output, reduce carbon emissions and cut costs as they navigate multiple industry disruptions, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2022 ISG Provider Lens™ Oil and Gas Industry — Services and Solutions report for the Nordics finds that the regional industry faces ongoing effects from the COVID-19 pandemic, a sharp rise in commodity prices, growing demand for decarbonization, and supply and demand disruptions triggered by the war in Ukraine.
“Producers in the Nordics have responded strongly to rising demand for both oil and gas and green energy resources,” said Ola Chowning, partner, North Europe, at ISG. “Digital transformation is helping them achieve several important goals.”
Companies in Norway, the region’s leading oil and gas supplier, significantly increased capital investments in 2022 as the country opened up new oilfields, partly to ease supply constraints in Europe caused by the war, ISG says. They plan to continue boosting capital investment in 2023. As the companies expand their infrastructure, they are integrating IT and operational technology (OT) systems to share, generate and transfer data that can be used to improve operations.
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 Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many global and regional service providers can help them carry out carbon monitoring and reporting and renewable energy projects.”
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 — Services and Solutions report for the Nordics evaluates the capabilities of 31 providers across five quadrants: Enterprise Asset Management, Next-Gen IT/OT Services, Capital Projects Management, Data Management and Cloud Computing, and Energy Transition Services.
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, Orange Business Services, PwC, Vysus Group and Wipro are named as Leaders in one quadrant each.
In addition, Birlasoft, Cognizant, DNV, Hitachi Vantara and Vysus Group are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.
The 2022 ISG Provider Lens™ Oil and Gas Industry — Services and Solutions report for the Nordics is available to subscribers or for one-time purchase on this webpage.
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 Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
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.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
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Will Thoretz, ISG
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Julianna Sheridan, Matter Communications for ISG
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