The oil and gas industry should not repeat the mistakes it made during the last price downfall when it laid off staff and stopped investing in research and development.
The industry has an obligation to meet future global energy demand, and that is becoming more challenging as oil and gas resources become more difficult to find and extract, so it is unwise to over-react during the current downturn. The world will need energy, and it is the duty of energy companies to deliver oil and gas to the world. Retaining talent is crucial for the future of the industry, and we should not repeat the mistakes we did in the past downturns.