Oil & Gas Future?
Oil and gas companies, from upstream developers to downstream refiners and sellers, are
responding to increasing waves of global regulation, environmental concerns, new economics and
alternative energy sources. Transformation of the energy industry has already begun, driven by
concerns about climate change and global realization of the need to drastically reduce carbon
emissions while still moving millions of people every year out of energy poverty, as energy demand
from all forms is expected to rise.
What can they do to get future ready?
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Diversification: Clean energy ventures:- Energy players are looking to retain their profitable
core while also capturing some of the large global opportunities now emerging in low-carbon
markets, including renewable power, bioenergy, next-generation mobility, energy services,
and hydrogen.
Integration & Consolidation: Companies are investing in refining and petrochemical
capacity to secure outlets for their crude oil and industrialize their home countries. Many
integrating companies are consolidating similar businesses for synergistic value creation.
Crude-to-chemicals could dominate the petrochemical industry by the late 2020s.The
tremendous growth in chemicals demand provides us with a fantastic window of
opportunity—but such windows by their very nature offer maximum benefit only to those
who act quickly. Petrochemical products are everywhere and are integral to modern
societies. They include plastics, fertilisers, packaging, clothing, digital devices, medical
equipment, detergents, tires and many others. They are also found in many parts of the
modern energy system, including solar panels, wind turbine blades, batteries, thermal
insulation for buildings, and electric vehicle parts.
Digitalisation: Accelerating their efforts at digital transformation to create companies that
are highly connected, intelligent and more productive. Accelerating end of life for legacy
equipment and investing in carbon mitigation technologies and trading offsets.
Specialisation: Numerous small, independent companies have succeeded in specialized
niches. The most remarkable examples are independent US companies active in the
shale/tight oil & gas, and enhanced oil recovery (EOR) segments, as well as Canadian firms
specializing in tar sands. These pioneers have led the way in best practice and technology
development for their own niches, in many cases leaving big oil companies behind.
Partnerships: NOCs, with their generous access to sub-surface resources, are therefore
increasingly partnering with IOCs and oil-field services companies (OFSCs) for
technical/operational matters, funding and financing. Partnerships offer the opportunity to
combine capital and hydrocarbon resources in order to develop projects that could exceed
a single company’s budget or affect its portfolio’s risk profile.
Employee Development: Skilled manpower/Trainings/Right People etc.