Business pulse: oil and gas
The pace of technological change
There are significant opportunities for oil and gas companies looking to utilize new technology to identify and extract hydrocarbon resources and to lower their supply chain costs.
However, for companies looking to develop or take advantage of new technologies, significant investment is required to develop and maintain an up-to-date understanding of industry trends.
Additionally, companies need to assess the potential benefits for their business of technological developments across a broad range of other industries.
Elsewhere, technological change means a greater role for IT and management and control systems within the industry. While the benefits are apparent, the risks and costs are also substantial.
At a time when major capital investment decisions need to be made over a 20- to 30-year horizon, the industry faces the difficult task of trying to predict not only how technology will impact and drive our future energy consumption and supply, but how it will change day-to-day operations, drive cost savings and enable new sources of energy to be commercialized.