Effective Versus Efficient Discovery and Extraction of Oil & Gas Resources. Where Are We and Where Are We Going?
There is tremendous turmoil in the markets today, be it our industry or other industries. What is causing the turmoil? Is it good or bad? The answer is both, and the outcome will be positive. Our industry has transformed from a discipline-soloed approach to one of integration of resources. This is true within both the IOC and NOC and continues to occur today. The net effect is an increase in productivity both in terms of capital resources and human resources. But are we finished, and what is the end game? The end game is efficiency. All companies have been effective, but efficient is where they want to be. In the last decade, we have seen a purposeful transformation of the NOC toward an efficiency focus that is empowering them to climb to the top of the rankings in terms of size, but more importantly in terms of performance. These strides continue. How has that occurred? It started with functional discipline and organisational silos, has moved toward workflows and collaboration, and is fast approaching the convergence of organisation, financial, and functional disciplines toward a real-time decision focused environment enabled by technology and market pressures. Organisational transformation from effective extraction of Oil & Gas to efficient management of Oil & Gas resources is the end game. The efficiency focus will provide for streamlining the value chain and maximising the recovery factors to supply the countries with the growth fuel engine called energy. The transformations will be the positive result of the market turmoil.
Presentation GEO India Expo XXI, Noida, New Delhi, India 2008©AAPG Search and Discovery