Opinions, insights and experiences from innovators, policy makers and corporate leaders
Opinions, insights and experiences from innovators, policy makers and corporate leaders
MINISTERIAL PANEL SESSION: Supply, Demand, and Oil Price: How to Find Balance in a Volatile Market
Session abstract coming soon
CEO PLENARY SESSION I: Today’s Realities, Tomorrow’s Energy
Change is the only constant we all accept. Some events cause accelerated change over a short period of time; the COVID-19 pandemic is clear example of such events. It has triggered a massive economic downturn, which is reflected in the sudden drop of demand for oil and gas. Contemporaneous with this drop is the world’s desire to move to cleaner energy resources with minimal environmental impact and reduced carbon footprint.
To adapt to these changes, our mindset has shifted since the beginning of 2020. The oil and gas industry is transforming its operations using digital technologies to automate and improve efficiency and safety. Many operating and service companies are quickly progressing in adapting technologies such as artificial intelligence and robotics into their daily operations. This CEO plenary session will discuss the theme of the conference by elaborating on the future of energy industry as all stakeholders work together to adapt to the simultaneous changes taking place around us.
The session is a high-level opener to peel the layers that overlay the complexities involved. The outcome of these exciting discussions will provide venues to enable the industry and society at-large to benefit from the changes and impacts imposed by the pandemic. Add to that the dynamic interplay between the impact of the pandemic, advent of digitalisation, and the desire to reduce carbon footprint. The ultimate goal of all these efforts is to create more value and enhance economic growth around the world while protecting the environment.
CEO PLENARY SESSION II: Crisis Management: What Have We Learned?
The coronavirus outbreak has set a new business environment that was never experienced before. The impact of the pandemic reached across the globe and not only influenced market and energy demands, but also changed the way we lived. Although the world is progressing towards complete recovery, the economy is still suffering in light of volatility of the oil market, shortage of gas supplies, supply chain interruptions, inflation, and geopolitical escalations.
Despite the unprecedented challenges and their disruptive consequences for the world’s economies, our industry demonstrated that these challenges can be seen as a chance to build back better and move towards more resilient systems. Moreover, it emphasised the significance of robust crises management systems to limit their impact and create a resilient market environment.
This CEO plenary session will shed light on what the industry has taken away and what it has learned from these crises. Additionally, it will explore ways to avoid the impact of similar crises in the future and ways of building a resilient framework that can minimise their effect. The session will also discuss the role of technology in improving the speed and flexibility of crisis management systems. Finally, the session will address how the industry can work together to control the consequences that current and future events might bring.
PANEL SESSION 1: Towards Neutral Carbon Emissions: Challenges and Opportunities
Ever since the Paris Agreement entered force on 4th November 2016 with the objectives to limit the increase in global temperature to below 2°C, back to pre-industrial era, while supporting nations in technology advancement and funding support for reducing the greenhouse gas emissions. 189 nations have ratified and supported its cause towards neutral carbon emissions (or some would call zero carbon emissions or net zero emissions).
Nations worldwide are working with industries to realise this vision. The oil and gas industry has taken leaps towards reducing their carbon footprint. Among the methods to reach towards neutral carbon emissions are to have a Carbon Capture, Utilisation and Sequestration (CCUS) in oil and gas fields, use of cleaner fuels such as natural gas, renewable energy such as solar and wind, and energy storage via battery cells. Many oil and gas companies declared their commitment to reach neutral carbon emissions and started to venture into technological advancement or branched out into renewables. The policymakers are developing policies that would support companies to abide to the Neutral Carbon Emissions plan.
This panel session shall discuss the challenges and opportunities the oil and gas industry could venture into in realising neutral carbon emissions.
PANEL SESSION 2: Vision to Reality: Revolutionising the Industry through 4IR Advancement
The Fourth Industrial Revolution (4IR or Industry 4.0) has changed the world significantly and will further disrupt the way we work and live. Internet of Things (IOT), Big Data Analytics, Artificial Intelligence (AI) and Machine Learning (ML), robotics, advance materials and other technologies are blurring the boundary between the physical and digital world.
The oil and gas industry is very much impacted by 4IR. With improved sensors, connectivity in communications, and the capability of data analytics; productivity and reliability of business can be significantly improved. The application of robotics and drones make it possible to limit exposure of personnel to the field. Logistics are easily trackable and managed, while trading can be done in a more transparent and efficient manner. With 4IR, more informed decision-making can be made by data analytics, leading to evolving business models with a faster pace than ever before.
This panel session shall discuss the oil and gas industry’s vision of embracing and adapting 4IR and will address how to turn this vision into reality. As our industry is agile in adapting 4IR, the session shall also discuss examples of the current realised value and impact from this transformation. The session will cover the challenges and concerns of the capitalisation of 4IR. The fate of our industry is very much intertwined with 4IR and industry survival means adapting to it.
PANEL SESSION 3: Step Change in Agility and Effectiveness Beyond Integration
The integration of geosciences and engineering disciplines has been always an overarching focus to upstream business organisations to drive business outcomes. As the global demand for sustainable energy with net zero emissions ambition is growing, and with the 4th industrial revolution causing a technological collision of forces; physical, digital, and virtual, this focus has reached an entirely new level of value creation within the innovation process. We see upstream business taking an ‘outside-in’ approach to orchestrating end-to-end integrations through a dynamic network of stakeholders, applications, processes, and most importantly data to try to push towards an ecosystem of value creation that goes beyond a simple integration of disciplines. A prime example where geosciences and engineering can work in synergy is simulation and modelling. It is our principal mechanism for the accurate location of hydrocarbons, their optimal production, and soon their decarbonisation.
This panel session shall address questions like: what does it take to transform the upstream business to influence change and enable multi organisations to design, deploy, operate, and optimise its collaborative environments towards agility and effectiveness? How can geosciences and engineering leadership fuse the fundamental disciplines together in a digitalised era? How can they empower organisations to bridge gaps for faster integrated application, business process optimisation with improved agility, and identification of new digital revenue streams? What can we do to sustain collaborative business experience through seamless commitment to mutual success and help the upstream businesses implement growth strategies, leverage technology, and thrive through the power of collaboration? Do geosciences and engineering disciplines have common algorithms that can be combined? What can we do to reduce duplication of work if such algorithms exist?
PANEL SESSION 4: Extreme Computational Capabilities & Beyond
Extreme computing plays a leading role in our current energy business. Looking across multiple industries, our business undoubtedly exploits the largest high-performance computing (HPC) capacity. Extreme computational simulations and data analytics enable high productivity by making better use of huge amounts of data. Although computational capability is accelerating, we are all yet to see how extreme its effects on pushing upstream to transform its business model. Therefore, algorithms, relating to Big Data, AI, IoT, HPC and Cloud Computing, performing as fast as possible on the best available hardware will have a direct impact on many of the decisions reshaping our business.
This panel session shall address the value that extreme computational capabilities will bring to move the upstream business towards efficiency, automation, and beyond. The session shall address questions like: How can we make HPC more energy efficient? Which new emerging HPC technologies (e.g., IoT and Cloud Computing) can accelerate the growth of our business? Is it a good idea to combine physics and AI? What are the next generation hardware architectures (e.g., custom chips, and quantum computing) that will fulfill our future business needs? How can we invest in terms of developing new algorithms and porting old ones to reap the most performance from modern hardware?
PANEL SESSION 5: Supply Chains Interruption
The post-pandemic economic recovery and the recent energy demand combined with the requirements of scaling renewable and low carbon technologies, are exerting an amplified focus on today’s supply chains. In light of this recovery and the rapidly evolving economy, today’s energy landscape continues to mature with the need to have a vibrant and resilient supply chains driving its growth and mix.
The post-pandemic supply shock and current energy demands revealed major vulnerabilities in the supply chain strategies, which created more obstacles for the world economy to recover quickly. As a consequence, manufacturers were experiencing difficulties to cope with the growth and meet their manufacturing and delivery commitments. New strategies were developed to build resilient and agile global supply chain systems to overcome the recent experience. Localisation is one of these strategies which involves the process of adapting content, products, and services to specific local markets. The benefits of localisation are widespread and have long-term advantages ranging from; creating jobs, developing skilled workforce, promoting innovation-based economy, driving investment and diversification of the local economy, and improving global competitiveness.
This session will explore the current issues impacting supply chains globally and how the industry is adjusting to these changes. The session will also discuss localisation and its impact on driving excellence in the energy industry. The panelist will also discuss actions taken by suppliers and service providers to drive domestic value creation towards building resilient and agile value chain systems. The panel will also shed light on the impact of localisation on innovation, diversification, and job creation.
PANEL SESSION 6: Talents of the Future
In a world that is changing fast, companies need to remain competitive, future-ready, stay ahead of new challenges, and make use of the emerging opportunities for growth. Companies have to be agile and focused to attract, develop, and retain talented workforce as key differentiating factors to succeed in an increasingly competitive landscape. In addition, successful strategies, planning, and execution of new and emerging themes in our industry such as digital transformation, sustainability, renewables, and others; require attracting, developing, and retaining the right talent and leaders. Studies estimate that 85% of future jobs and roles are going to be substantially different from the ones existing today.
This has created additional challenges for the industry. Today’s employees want more; they want to develop and utilise their full potential, allowing them to grow and demonstrate their skills and abilities. However, we all face the challenge of a growing digital skills gap, along with attracting and building a digital-ready workforce and 4.0 talent in an ever-evolving business environment. Transforming the businesses of tomorrow would not be successful without an innovative mindset in talent engagement, decision-making, and digitalisation to create a compelling value proposition.
The panel will discuss the required skillsets and abilities that will help new talent navigate through our industry’s current realities, and effectively contribute towards tomorrow’s energy demand. The panel discussion will also extend to how we can bridge the gap related to talent development, in light of the newly competitive landscape we are experiencing in our industry today and will face in the future. In addition, the panel will shed light on how the industry and academia can collaborate to bridge such gaps through training and development of current and future employees.