The global oil and gas industry is undergoing unprecedented disruption. We are amid an accelerating energy transition and under an ever-increasing public pressure to accelerate towards net zero emissions, which are likely to be accelerated by evolving and new policies from the powerhouses in North America and the Middle East.
With over a decade of investments in a ‘digital future’, our assets are bristling with sensors from stem to stern, producing exponentially-increasing data volumes. More readily available and scalable cloud computing matures to meet its transformational promise, complemented with rapidly- increasing computing power at the edge, to apply advances in Artificial Intelligence (AI)/Machine Learning (ML) to every aspect of our business. Yet, someone must choose where to focus this incredible power, and ask the right questions, and make sense of the flood of answers.
Add to this, a global pandemic of historic proportions that has deeply impacted demand and has created profound uncertainty for the pace of economic recovery. This has highlighted the incredible ingenuity of our operations staff to sustain operations with a skeleton crew by leveraging novel communications technologies. The COVID-triggered impact is compounded by the exponential growth of renewable power that is now able to compete with hydrocarbons for power generation, and energy storage that is unleashing an electric transport revolution.
To survive these challenges and find pathways to thrive, we are building a bridge from the Gulf of Mexico to the Arabian Gulf to bring together two centres of innovation, to find knowledge-transfer opportunities, and build deeper collaborations. We will explore ways to digitally augment our staff, raise their level of capability to become change agents, and support them in delivering step-change performance gains as well as creating novel opportunities to accelerate reaching net zero while reducing the environmental footprint.