Rising complexity, costs and risks combine to make efficiency more important than ever.
Change is challenging, excellence is mandatory.
With instabilities in the oil market, producers are already looking to optimise operations to compensate for price fluctuations and increase cost efficiency. Running hyper-efficient operations could reduce their operational costs while helping to tackle emissions.
As extracting fossil fuels is a very energy-intensive process, companies should take full control and have visibility over their assets so they can easily find ways to improve their design and operation.
A strong strategy should clearly lay out the skills, technology, and infrastructure needed, as well as how firms can retroactively address emissions through programmes like carbon capture. This helps reduce both energy consumption costs and operating costs simultaneously.
This optimisation and establishment of clear strategies can make oil companies significantly more sustainable while they remain competitive; it will protect jobs, and secure future energy supply.