Balance of power in global oil and gas industry could shift in the future – claims new report
Global oil and gas leaders believe there could be dramatic changes in the structure of relationships within the industry – according to a new report conducted by Robert Gordon University and sponsored by Dana Petroleum with launch support from PwC.
The new research conducted by RGU’s Aberdeen Business School Leadership Voices, Imagining the future of the Oil and Gas Industry canvassed the views of over 40 senior leaders working around the world.
The report shows an industry confident in its technical ability but uncertain about the shape of the future particularly in the balance of power between international oil companies (IOCs), national oil companies (NOCs) and service companies.
The report also identifies concerns about finding the kind of visionary leaders who will help shape the oil and gas industry of tomorrow. Senior executives also expressed their concerns about the looming skills shortage and the pressing need to improve the industry’s reputation.
Professor Rita Marcella, Dean of Aberdeen Business School at RGU said: “Industry leaders have shared a willingness to reflect on the future of the industry and the kind of leadership needed to take the industry forward in a world of unparalleled technical and political change. This report will hopefully enable the industry to discuss what this world might look like and identify how it can best adapt to those challenges.”
Dana Group Chief Executive Marcus Richards said: “This fascinating report gives a real insight into the uncertainty surrounding the future shape of the oil and gas industry. Smaller players, more flexible, agile and entrepreneurial in approach, are seen as playing an ever increasing role.”
“Our industry has a secure, long-term future but we as leaders need to create the structures and partnerships that will enable us to meet the world’s ever growing demands for energy in a sustainable way.”
Richard Spilsbury, oil and gas partner at PwC, commented: “This report drives home the ongoing ‘war for talent’ facing the industry: from retaining the skills needed to exploit more challenging remote reserves and operate ageing infrastructure in mature basins, to understanding the needs and aspirations of the next generation of talent ensuring a strong pipeline for the future.
“It also highlights the importance of growing and nurturing inspirational leaders of tomorrow who will bring creative solutions to the challenges, responsibly address the business and operational risks, improve the industry’s profile and, crucially, build public trust to exploit the opportunities as they arise.”
Source: Dana Petroleum
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