Survive, Revive, Thrive: Chapter 5: Steering by the Stars

2021 ◽  
Vol 73 (02) ◽  
pp. 8-9
Author(s):  
Tom Blasingame
Keyword(s):  
Global Economy ◽  
Oil And Gas ◽  
Essential Element ◽  
Career Mobility ◽  
Oil And Gas Industry ◽  
Energy Component ◽  
Gas Industry ◽  
Young Professionals ◽  
Talented People ◽  
Lower Carbon

The purpose of life is to discover your gift. The work of life is to develop it. The meaning of life is to give your gift away. - David S. Viscott, American psychiatrist Steering by the Stars History is a guide to navigation in perilous times. History is who we are and why we are the way we are. - David McCullough, American historian I recently read a “thought piece” in a major magazine that was a fictional account of how a new CEO would address his or her company’s employees while simultaneously restructuring the company’s units to deal with the pandemic. The fictitious CEO focused on prioritizing two things: treating the employees with respect while rewarding their loyalty and contributions and taking the necessary actions to maintain and improve engagement and sales for the company’s customers. This story is a reminder of the effect the pandemic has on businesses - all businesses. When the need to hire, utilize, and retain the very best talent is absolutely essential, do talented people really need to be micromanaged and endlessly evaluated? Or should we have the confidence to let them do their jobs? As I have mentioned in past columns, we (the big we - the oil and gas industry) will emerge leaner and a lot meaner when this storm finally passes. Employment, promotions, career mobility, and access to capital will become much more competitive. Our next generation, the students, need to understand and accept this. Young professionals need to realize that being a best-in-class performer may not be an option, and yes, layers of management will disappear as we rely on people to self-motivate and self-optimize their performance. We must also focus on what our customers want, namely energy security, diversity of access to energy, a lower-carbon future, and assurances that we are “walking the walk” on ESG issues. ESG stands for environmental, social, and corporate governance, in case you forgot. Each of these is both desirable and achievable - and need I restate that this is what our customers want? So how do we “steer by the stars?” Start with the obvious: If you can’t see the stars, you may want to wait until you do. Most importantly, this method works - crudely perhaps, and certainly not with the precision or reliability of GPS, but we aren’t trying to thread a needle. We are trying to ensure the significance of our industry and the livelihoods of our people. Understanding how to get where we need to be is the most essential element to getting there. We have the talent, technology, and infrastructure to provide a vital energy component. We need to make sure that we are “steering” toward our customers and toward a future where we continue to make a significant social and economic impact on the global economy.

Bridging the Age Gap

2007 ◽  
Vol 01 (03) ◽  
pp. 16-18
Author(s):  
Cathy Young
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Flexible Work Arrangements ◽  
Flexible Work ◽  
Gas Industry ◽  
Recruitment And Retention ◽  
Young Professionals ◽  
Work Arrangements ◽  
Age Gap

HR Perspective - As the more skilled engineering and other professionals in the oil and gas industry approach retirement, the call is going out to develop strategies to keep them engaged in flexible work arrangements and to re-recruit individuals who left the industry in previous years. The plan is to invite them back as an expert resource to assist in the recruitment, training, and mentoring of young professionals, upon whose recruitment and retention the successful future of the industry depends.

Energy and Environment

2020 ◽  
pp. 185-206
Author(s):  
Kenneth P. Miller
Keyword(s):  
Renewable Energy ◽  
Global Economy ◽  
Fossil Fuels ◽  
Oil And Gas ◽  
Renewable Energy Sources ◽  
Oil And Gas Industry ◽  
Environmental Policies ◽  
Federal Law ◽  
Gas Industry ◽  
Energy And Environment

This chapter examines the deep Texas-California divide over energy and environmental policies. The modern Texas economy was built on energy, and the state remains the nation’s leading producer. The state’s development of fracking has revolutionized the oil and gas industry and has helped the nation break its dependence on foreign oil. Texas has also increased its production of renewable energy, but believes the global economy will rely for the foreseeable future on fossil fuels and resists restrictions on these resources. California, by contrast, has become a global leader in the fight against climate change. It has aggressively regulated carbon emissions and mandated a massive switch to renewable energy sources. California is the only state that can impose emissions regulations more strict than federal standards. As power has shifted in Washington, California has alternated between translating its environmental policies into federal law and defending its policies from federal challenge.

RESPONDING TO THE THREAT OF A COST OF CARBON

2007 ◽  
Vol 47 (1) ◽  
pp. 363
Author(s):  
L. Maimone ◽  
R. Curtin
Keyword(s):  
Climate Change ◽  
Renewable Energy ◽  
Oil And Gas ◽  
Climate Change Policy ◽  
Oil And Gas Industry ◽  
Energy Sources ◽  
Gas Industry ◽  
Change Policy ◽  
Potential Opportunity ◽  
Lower Carbon

Climate change is an emerging issue with the potential to have a significant impact on the energy sector and, more specifically, the oil and gas industry. Pressures from public opinion and the introduction of climate change policy and regulations could affect the competitiveness of the industry. Conversely, incentives and subsidies for renewable energy or other lower carbon energy sources could present a potential opportunity for companies looking to diversify their asset portfolios.Australia has implemented a range of mandatory and voluntary schemes that encourage the reduction of greenhouse gas emissions. There is still, however, uncertainty as to if and how a cost of carbon may be regulated in the future.

2010 PESA industry review–exploration

2011 ◽  
Vol 51 (1) ◽  
pp. 147
Author(s):  
Ciaran Lavin ◽  
Terry Walker ◽  
Yvette Knowles
Keyword(s):  
Global Economy ◽  
Oil And Gas ◽  
Commodity Prices ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Seismic Surveys ◽  
Extensive Coverage ◽  
Primary Driver ◽  
Exploration Drilling ◽  
Northwest Australia

An uncertain global economy, offset by strong commodity prices, provided the backdrop to a subdued yet solid level of exploration activity in 2010. The major loci of activity in the Australian oil and gas industry were the Exmouth Plateau, where exploration for conventional gas in support of LNG projects was the primary driver, and the Bowen/Surat Basin, where coal seam gas (CSG) for LNG was the main target. Onshore permit awards dominated new licensing in 2010, with 31 exploration permits awarded over an area of 190,000 km2. The majority of these permits are focused on unconventional gas exploration. Conversely only 14 exploration permits (30,000 km) were awarded offshore, all in northwest Australia. This historically low level can be related to an already extensive coverage of existing permits in the offshore petroleum provinces and delays in the announcement of acreage awards from the 2009(II) acreage release. Twenty-nine 2D seismic surveys were started in 2010, with three still active at the end of the year. Once completed, the 2010 surveys will total nearly 37,000 km of data, with 76% offshore. Twenty-one 3D seismic surveys commenced in 2010, with six still active at year end. The 2010 surveys will ultimately comprise approximately 29,000 km2 of data, with 95% offshore. Northwest Australia dominated seismic activities. Exploration drilling for conventional hydrocarbon resources was relatively subdued in 2010, with 63 wells spudded, compared to 92 wells in 2008 and 74 in 2009. Of the 49 wildcat wells where results are known, 51% reported hydrocarbon discoveries. This was a little less than the 57% in 2009 and up on the 39% in 2008. The discoveries were distributed across most of the traditional petroleum provinces. High levels of CSG drilling continued in 2010, exceeding 2008 activity but less than that of 2009. At least 648 CSG wells were spudded in 2010, mostly in the new heartland plays of the Bowen/Surat, Gunnedah and Clarence-Moreton basins. This compares with more than 600 CSG wells drilled in 2008 and more than 900 in 2009. The first dedicated Australian shale gas exploration drilling took place in 2010. Emerging shale plays in the Cooper and Perth basins were tested.

THE PECULIARITY OF THE DEVELOPMENT OF THE DIGITAL ECONOMY OF ENTERPRISES AND INFLUENCE ON THE ABILITY TO REFORM THE OIL AND GAS INDUSTRY

2021 ◽  
Vol 2 (11) ◽  
pp. 34-38
Author(s):  
Wang Hao ◽  
Keyword(s):  
Global Economy ◽  
Business Processes ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Digital Economy ◽  
Gas Production ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
Balanced Approach ◽  
Competitive Rivalry

The global economy is more and more in need of energy resources, the alternatives of which are of increasing interest to the world community, while oil and gas production is becoming problematic due to the irrational development of developed and not yet exposed formations. Among the decisions of a confi-dent choice to suppress competitive rivalry for the industry and macroeconomics, they understand a balanced approach to invested capital and optimization of the activities of the operating units. Based on the above factors, the oil and gas industry will quickly master the digitalization of management and business processes. The article discusses the peculiarity of the influence and development of the digital economy of enterprises on the ability to reform the oil and gas industry.

scholarly journals Blockchain technology as a key element in the development of the oil and gas industry

2020 ◽  
Vol 7 (2) ◽  
Author(s):  
Raisa Azieva
Keyword(s):  
Global Economy ◽  
Oil And Gas ◽  
Negative Impact ◽  
New Technology ◽  
Oil And Gas Industry ◽  
Innovative Technology ◽  
Gas Industry ◽  
Blockchain Technology ◽  
Wide Range ◽  
Main Thing

New breakthrough technologies can have a positive or negative impact on the development of the fuel and energy sector. Therefore, the main thing is to evaluate technologies, analyze their suitability for the industry and determine priorities for future opportunities, i.e., identify technologies that provide new advantages for the energy world, and determine how, when and how their impact will become tangible. In this regard, researchers have determined that the innovative technology of the XXI century, recognized to transform the national and global economy is the blockchain technology. The article provides an overview of blockchain technology, defines the principles of its operation and possible applications, i.e., identifies the mechanism of action of the revolutionary system, as well as presents the players of the oil and gas industry to launch blockchain technology and identifies the advantages of innovative technology used in the oil and gas sector. It is determined that on the basis of the new technology, it is possible to create a single network for digitizing all interaction processes and automating them. The study also shows that the scope of application of blockchain in the oil and gas business is much broader, which determines the possibility of further consideration of a wide range of the need for the use of blockchain technology for the oil and gas industry, as well as its impact on the development of oil and gas companies.

Prospects for Energy Markets and Investment in Traditional Oil & Gas

2020 ◽  
Vol 1 (2) ◽  
pp. 174-178
Author(s):  
Jon Fitzpatrick ◽  
Andy Hartree
Keyword(s):  
Energy Demand ◽  
Global Economy ◽  
Oil And Gas ◽  
Current Trend ◽  
Oil And Gas Industry ◽  
The Political ◽  
Way Of Life ◽  
Gas Industry ◽  
Behavioural Patterns ◽  
To Come

The oil and gas industry is facing as hostile an environment as it ever has. Already under increasing pressure from a highly vocal environmental lobby, precious sources of capital from all angles were already turning their backs on the industry when COVID-19 struck. The pandemic has provoked a further two-pronged attack on the industry. First, it dealt a huge blow to energy demand, as lock-down grounded economic activity, before driving what are likely to become long-term changes to our behavioural patterns with material consequences on global energy demand. Secondly, and perhaps more worryingly, the COVID-19 experience has given the impression that we can already live without the industry, encouraging the anti-industry lobby yet further. However, we cannot escape the fact that we are set to rely fundamentally on the oil and gas industry for decades to come. The challenge for the industry is in part to react to the reality of the political environment, evolving the way it operates to show it can deliver the necessary ESG-focused goals, but also to demonstrate that the industry remains a fundamental part of our global economy – our way of life: we need the industry, and the industry needs investment. COVID-19 did not start the debate, but has been a massive catalyst in raising the awareness of the issues. Through its direct impact on the economics for the industry, as well as helping increase the political pressure on it, the pandemic has increased the threat the industry faces in trying to fund itself sustainably. While many traditional investors count themselves out, the opportunity is opening up for those who recognise the importance of the industry and are prepared to buck the current trend.

Oil and Gas Infrastructure

2020 ◽  
pp. 98-124
Author(s):  
Timothy C. Coburn
Keyword(s):  
Global Economy ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Economic Benefits ◽  
Gas Industry ◽  
The World ◽  
Processing Plants ◽  
Industrial Complexes ◽  
And Storage ◽  
Storage Facilities

Oil and gas infrastructure is vast and diverse, occupying an integral position in the global economy. Without such infrastructure, the majority of fuel needed to light, heat, and cool homes and businesses and to power transportation and industry cannot be produced and delivered to markets and consumers. In this sense, infrastructure is the lifeblood of the oil and gas industry. Oil and gas infrastructure encompasses a myriad of assets, including pipelines, drilling platforms, refineries, terminals, processing plants, and storage facilities, most of which are massive and expensive industrial complexes found in all corners of the world. Such assets can yield significant economic benefits, but they also present numerous challenges, not the least of which are operational, environmental, and political in nature.

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