Mr. Easton, a feature analyst at Data and analytics firm Global Data, weighed in after a number of oil and gas companies reported first-quarter results：
"This year, the oil and gas industry is in turmoil. The falling cost of renewable energy, the oil price war and the coronavirus outbreak have all contributed to the industry's instability. First-quarter results reflect this, such as BP's 67 per cent drop in net income, Conocophillips reporting a loss of $1.7bn and Shell cutting its dividend by 65 per cent, its first cut in interest rates since the second world war."
The figures confirm the pressures on the oil and gas industry. The real difficulty for the industry is to achieve a degree of stability, especially given the uncertainty about the full impact of the epidemic on customer behaviour and investment priorities.
In recent years, some oil companies have emphasized more sustainable investments. Shell and BP are both aiming for zero net carbon emissions by 2050. The exposed instability in the oil industry necessitate a rapid transition to sustainable energy sources, "said Benson Easton.
"Sustainability will remain a key theme across industries. The sustainable Development Framework shows where companies need to focus on investing to be successful. Increasing investment in renewable energy and modern technology is now crucial as oil companies avoid further price shocks. "Oil companies with diversified, sustainable investments will be better able to survive the long-term impact of the current crisis."
Similarly, in the process of oil and other energy extraction, the development direction of oil extraction companies is to choose more suitable tools, improve the efficiency of oil resource extraction, establish and improve the sustainable development mechanism of oil extraction, and adopt scientific extraction methods. Seed provides professional solutions to reduce wear and tear for customers and improve productivity, which is an important sign of sustainability. Only by integrating the concept of sustainable development into the whole production and operation of the company can it stand out in the current crisis.