Digital Lead, Group Vice President
Despite recent difficult years, the oil and gas industry is still the world’s largest industry. As oil prices are back on the rise and OPEC and Non-OPEC companies are working together, a new paradigm is on the horizon. A new energy future. Why? Recent headwinds have taught oil and gas companies strict cost disciplines and as they look to the future, they plan to maintain a tight hold on these lowered costs to operate. Yet with oil prices increasing, new investments will and need to be made.
There will be significant investments in the next few years. But where?
1.A smarter, more efficient future: Floating production units are poised to develop more efficiently with digital technologies. Disruptive technologies like artificial intelligence, augmented reality, drones, connected wearables, and block chain, Crypto currency will also play a role in investments made and how this newly digital industry will look in 20 years. These solutions are required to enable development of new marginal fields and satellite tie-ins and reduce operating costs on maturing installations.
2.A cleaner future: Oil and gas companies are beginning to look deeper at current business models in the changing energy landscape. At the same time, governments have issued mandates and policies around building a more energy diverse future in order to sustain a better future for everyone – emission reductions, renewable integration, etc. We’ve seen international oil companies already start making moves towards a more balanced energy portfolio. No one is denying, the future will look different, so how do we prepare? How will portfolios shift? Enter new energy domains to be relevant for the future? Can there be a future where gas and renewables work together? How will this impact floating LNG?
How could these types of investments impact current business models? We intend to provide examples from recent and ongoing projects on how operators are using or can use these technologies to reduce costs, improve efficiency while maintaining safety and license to operate.