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Petromin marine and offshore Jan-Feb Issue

This periodical thanks

This periodical thanks DNV GL for providing this article, which was first published in DNV GL’s PERSPECTIVES, for publication. Cost Efficiency Remains A Priority Rising expectations for oil and gas industry investment this year do not signal a return to pre-2014 norms in cost-efficiency, however. Cost-containment lessons learned in the downturn remain fresh and seemingly embedded for the longer term. Nearly a third (31%) of respondents still view cost control as top priority – the same as in 2017 – and half of those surveyed forecasted it would be greater in 2018. Nearly a fifth (18%) expect operating costs to be the biggest barrier to growth this year – the highest proportion recorded by the survey since 2014 (33%). Nearly two-thirds (62%) believe cost-efficiency measures introduced since 2014 are now permanent. Like last year (63%), this supports the view that the industry currently intends to sustain change aimed at protecting margin in a ‘new normal’ oil-price environment. “It seems to be that we are perhaps beyond the bottom of this cycle and that we are slowly heading up,” commented Thore E Kristiansen, chief operating officer E&P and executive director, Galp, for the DNV GL report. “But we are preparing for lower-for-longer prices. We do not believe that we will go up towards the past highs [for oil prices], but that we will stay at the levels around where we are currently for many years to come.” A New Confidence for The Future of The Industry Climate change, the energy transition, digitalization and technology innovation will cause unprecedented disruption across the oil and gas industry between now and midcentury. Companies are already reacting to the risks and opportunities this presents, while balancing short-term priorities. This strategic challenge looks set to persist for several years, but many leaders start 2018 ready to meet it with greater control over their enterprises and a new confidence for the future of the industry. 24 January to February 2018

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