14 Jun Mindsets
The pace of political, social, economic and environmental change means the world looks very different today than it did just five years ago. Some of these changes have been unprecedented and unforeseen while some of them have happened more slowly and with greater predictability. Whether the changes have been known or unknown, businesses have had to adapt to face the challenges of operating in shifting landscapes. They’ve had to deal with external threats like terrorism, cyber attacks and natural disasters; operational risks posed by advances in technology; and internal challenges such as changing workforce demographics and human error.
Real transition is happening in many industries and particularly in the energy industry where the oil and gas sector has been hard hit over the last four years. There’s a wider geopolitical discussion going on that’s bringing together different areas of the sector which, until now, operated as silos. As oil and gas companies extend their product portfolio into renewables, the barriers between those silos are disappearing. And, as renewable energy becomes cheaper and more scaleable, so the oil majors are recognising the long-term value of renewable technology to lower greenhouse gas emissions. Many have already taken steps to move beyond their core oil and gas business in to wind and solar power as well as energy storage. With more collaborative approaches in the shape of joint industry projects and joint ventures, it’s likely that the volume of capital transactions will increase across the Energy industry.
The recent downturn has been harsh for the sector but it’s been the catalyst for positive change across the supply chain. It should come out a lot healthier, more streamlined and more cost-effective as the world begins to focus even greater attention to those issues around sustainable energy, and how growing economies think about the sort of energy their industries and infrastructures will be using in the future.
Mindsets across industry are changing and collaboration is helping to bring capabilities together to develop exciting, world-class opportunities to meet the challenges of changing market conditions head-on.