Even as governments and companies increasingly investigate the possible uses of alternative energy sources, the world can't forget about oil and gas as it struggles to meet ever-rising demand for clean and affordable energy. Technology is the most important force to increase the supply of more challenging oil and gas, and mitigate the environmental impact of energy production and consumption. What's more, the influences of governments worldwide – in combination with other supply-side and demand-side challenges – will all continue to impact the changing industry landscape.
The IBM Oil and Gas 2030 Study consisted of interviews with more than 100 executives from various parts of the oil and gas ecosystem, mainly focusing on the upstream segment. While 61 percent consider technology progress an important external force today, 81 percent expect it to be important in 2030. Interestingly, they anticipate energy source availability to carry the same importance – no more and certainly no less – in 2030 than it does today.
So, just how can Oil and Gas companies act now to position themselves for success in 2030? In short: they must keep finding new ways to develop and deploy technology that can improve exploitation of existing fields and at the same time improve exploration of new oil and gas resources.
To fully exploit new technologies, Oil and Gas leaders will have to make strategic R&D investments, and partner both within and beyond the industry. For most actors in the industry, future success will hinge on: performance management, enterprise risk management, operational excellence, effective people management and business model adaptability.
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