Along with the survey, we've performed additional analysis on what companies are doing now, and what we can expect by 2030, drawing four main conclusions:
1. Data must move from being a liability to being as asset
There's no shortage of data in the E&NR industry, but it will require new skillsets to achieve its full potential. Enterprise data management will become the norm, with the goal of shared, integrated data from mine to manufacturer, producer to refiner that maximises returns.
2. Big companies will catch up fast
Many of the largest players in upstream oil and gas are already moving toward enterprise data management — Statoil is already targeting 30% reductions in capex and 50% in opex. Widespread adoption of digital technologies could lead to more consolidation, and widespread adoption of digital technologies may create a value advantage in M&A.
3. Disruption is inevitable
Business models must and will change with the evolving digital landscape. This will eventually mean more automation of lower-value operations and a shifting workforce focused on higher-value jobs.
4. Consumers and economies will benefit
This is textbook economics — the broad adoption of digital technologies will ultimately put downward pressure on commodity prices, with only limited additional demand. For companies, capturing margin before the industry disruption will be crucial to profits, and those who act quickly will benefit the most.
Wood Mackenzie at OTC
To hear more from our experts at this year's Offshore Technology Conference, visit booth 4079 and be sure to catch Preston Cody's presentation 'Big Data, Next Chapter' on Wednesday morning in room 306.