The different changes in society at an economic, technological and environmental level have pushed companies to reinvent themselves and adapt in various areas, and without a doubt, the oil and gas sector is no stranger to this reality.
The energy transition that we have been facing seeks to accelerate the future combination of oil and energy, aligning itself with the objectives of sustainable development. On the other hand, it has become necessary to maximize the return on investments and reduce costs in the sector due to the interruption in demand due to the health crisis we have experienced, as well as the excess supply.
With this in mind, What trends will come from now? What can oil organizations do to successfully face this situation and not miss out on new growth opportunities?
Keys to the growth of oil and gas
- Opportunities for renewable energy: It is estimated that the global renewable energy market will reach 1.5 million dollars in 2025. In other words, it is necessary for the supply chain to adapt to these opportunities and to cover the products and services of the generation of renewable energies, thus increasing competitive innovation throughout the value chain.
- Adopt new commercial and collaboration models: In order to reduce costs, it is necessary to optimize commercial and collaboration processes, as well as operating models to obtain the greatest benefit from the new reality that the company faces. At this point, the ability to overcome changes and be resilient will be essential to face new situations.
- Make strategic decisions: It is necessary to analyze all the scenarios and question which are the most profitable assets, to identify the opportunities with the highest performance and prioritize them, allocating the ideal capital for optimal growth. Also, assess how it has affected changes in the price of oil, and how we can face new challenges and solutions.
- Adapt to new technologies: Digital advances have the potential to allow the industry to respond efficiently to changes in the market. Some of the areas with the greatest potential for impact throughout the value chain include: intelligent automation, decisions supported by artificial intelligence, industrial internet of things, blockchain, among others.
Oil & Gas companies must bet on new opportunities and find a way to adapt their businesses to be competitive in the new environment, which includes changes at an operational and tactical level in order to continue promoting their transformation. Thus, at Nakasawa Resources we have adopted measures to remain at the forefront of the energy future, maintaining leadership in our enhanced oil recovery operations.