I have been doing video interviews with a number of CIOs, software executives and practitioners about acrobatics they have been seeing in various vertical sectors during the COVID-19 crisis and the "New normal" they can expect as the economy wakes up.
This time it is Phiroz Darukhanavala, who goes as "Daru", the ex-CTO of BP. He talks about the impact of COVID-19 on the oil and gas sector. While the industry has been riled by negative prices (Yes!), disappearance of demand from airlines, cruise lines and driving, Daru says the industry has faced other "shocks" before, usually on the supply side. This time is demand driven. The sector in the past has bounced back and has been more efficient each time.
He also talks about why the US shale sector will persist, albeit with potential consolidation of many of the smaller players. He also touches on the impact this may have on the renewable energy sector.
From the outside, the energy sector looks in deep trouble. When you talk to execs like Daru, you hear of acrobatics and resilience. They have absorbed other shocks before and they will adjust to this "new normal".
It's drama in a corporate setting! A decade of change in a few weeks!
Very enjoyable conversation.
