Three Steps for Oil and Gas Companies to Survive the Energy Transformation

Mohammed Y Al Qahtani, SVP upstream, Saudi Aramco laid out the path the world’s largest oil and gas company is plotting to a sustainable future. Top of Al Qahtani’s list is being a positive contributor moving mankind forward. “It will be a company focused not only on shareholders but also on the broader groups of stakeholders, from consumers and employees to suppliers, governments, regulators, and communities,” he said. “Certainly, this applied to climate change where we must have a healthier more productive and broader dialogue with the public. “It goes without saying that we must be actively committed to delivering technology that reduces the GHG footprint of hydrocarbons, but we must also let our communities know the actions we are taking and the progress we are making.” Next, a successful energy company will be a successful technology company. He believes that in the 21st century the oil and gas industry can be at the epicenter of the whole industrial revolution, but only if it reclaims its passion for innovation. “By applying new technologies to data that we are already generating, we can change the game,” Al Qahtani added. “In exploration, for instance, machine learning and artificial intelligence can sift through vast amounts of 3D and 4D seismic data to extract features invisible to the human eye. Finally, he believes that a successful energy company will build and exploit a competitive advantage. “Maximising areas of competitive advantage and differentiation, whatever they might be is critical. “If we will rekindle our passion for innovation and advanced technology. If we commit to the investments needed to expand supply, if we continue to develop lower carbon, cleaner oil and gas products, and technology, then I believe an uncertain, and unambiguous future is the very stone from which we will carve a stronger and more capital in future.” Forbes