Dr Marianthi Pappa - COVID-19, Energy Transition, and Petroleum Industry: Challenges and Prospects

Dr Pappa gave a talk on Wednesday 3 February 2021 to consider COVID-19, Energy Transition, and Petroleum Industry: Challenges and Prospects. 

Petroleum history is filled with turbulent moments. During its course, oil and gas have gone through serious crises caused by wars, economic recessions, and international disasters. Despite the losses incurred, the sector has always managed to survive. Lately, two seemingly unrelated global events (a pandemic and climate change) challenge anew —and perhaps to an unprecedented level— the sturdiness of the petroleum industry.

The coronavirus disease SARS-CoV-2 (commonly referred to as COVID-19) which was first identified in Wuhan, China, in late 2019, has swept over 200 countries. The disease has costed hundreds of thousands of human lives, with fatalities expected to continue or even spike during subsequent infection waves. Apart from the loss of human lives, the pandemic has caused a new global economic collapse. The crisis has already affected numerous sectors, including the petroleum industry. The suspension of commercial activities due to mandatory lockdowns and personnel quarantines, combined with travel restrictions across the world has caused an unprecedented decline in fossil fuel demand. The price of oil has dramatically dropped, with US crude suffering a historic crash below zero in April 2020. Until lockdowns are entirely lifted, oil demand will remain low pushing companies into survival mode.