Much has been written about adaptation, change and innovation in the Oil & Gas industry in 2017. E&P are leading the change agenda, especially in the North Sea and we are starting to see the Oil Services sector leading the way with it comes to big data and analytics.
This trend continues to be evident so far in 2018 and whilst there are absolutely still some challenging areas across our industry, there are many reasons to be positive and optimistic about the future.
Underlying and behind all themes and trends leading to change and growth in Oil & Gas are our people and how we make the most of our human capital. This applies across our entire businesses from offshore crews embracing change of ownership and culture on our platforms and vessels, through to the innovators and leaders who are driving this and creating new opportunities.
To the most casual observer, what is evident with much of the change and innovation that we are seeing is the strength of the people behind new ventures, innovative projects and the rejuvenation of previously underrated or even dangerously overrated assets! Often, these are experienced hands, technical authorities and experts and individuals with a huge wealth of “been there before” knowledge. When they come together to form management teams and Boards, their collective experience can be highly compelling, providing that there is appropriate and suitable track record relevant to what they are trying to achieve.
In any new venture or change of ownership situation, the requirement for good due diligence of management teams and Boards should never be underestimated. With faith in these processes, we should be ready to back the people behind growth and change in the Oil & Gas industry – and support them in any area we can.
A New Business Model
The drive for greater efficiencies, embracing innovation and adoption of technology also creates opportunities for others in supporting new business leaders in Oil & Gas. In the last year at AAB, we have experienced a much higher demand for a variety of outsourced services that allow business leaders to focus on, for example, the subsurface opportunity that acquiring an oil field presents, or the technical specifications of a new innovation or project.
Through outsourcing business service functions, such as tax, corporate finance, accounting, financial reporting systems, payroll and joint venture audit, as well as consulting services in strategy and growth, human capital, supply chain and data analytics – we can help business leaders do what they do best and leave what are often considered as back office functions to us. Not only can this create efficiencies, it leaves others to do what they do best, and thus creates a win-win situation.
For more information contact Alasdair Green, Head of E&P Strategy (email@example.com) or your usual AAB Advisor.