Growth Opportunity Analysis of Security in Oil & Gas, 2022-2030

Growth Opportunity Analysis of Security in Oil & Gas, 2022-2030

The security of oil and gas (O&G) infrastructures is a priority for the global energy industry. Rising demand for O&G and new facility constructions have boosted the security market growth, as any operational disruption of a major facility can adversely affect the global economy. The O&G industry is most vulnerable to terrorist attacks due to its strategic nature, materials it handles, and the impact it can have across the world. Its entire value chain, ranging from exploration, production, refining, and pipeline transport to distribution, is at risk of such attacks. Similar incidents in the past have generated security awareness, increasing the adoption of the latest technology and security solutions across global facilities. Threats may vary from information theft to a terrorist attack, but the economic impact and financial damage in case of an attack would be significant and depend on the attacker’s motive.

The Russo-Ukrainian War is impacting global oil trade, and investments to protect O&G infrastructure in the long term are evident. The industry is witnessing a rapid digital transformation to enhance efficiency and manage operations effectively. Digitalization and network-centric operations are vulnerable to a wide range of cyber threats and hazards. Different threat actors (e.g., novice, organized crime, and state actors) try to exploit weaknesses to cause physical and financial losses. Advanced persistent threats are a challenge to O&G companies that must prevent the penetration of their IT systems and corporate networks.