{"id":2649,"date":"2022-12-09T14:45:51","date_gmt":"2022-12-09T14:45:51","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=2649"},"modified":"2022-12-09T14:45:53","modified_gmt":"2022-12-09T14:45:53","slug":"oil-and-gas-leaders-taking-holistic-approach-to-reinvention","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/2649\/","title":{"rendered":"Oil and gas leaders taking holistic approach to reinvention"},"content":{"rendered":"
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As recent events, including threats to energy supply in Europe and uncertainty about commodity prices, have led the majority of oil and gas companies to increase their focus on energy security, the more progressive firms are accelerating reinvention plans with a holistic approach to balance energy supply with adopting low-carbon initiatives, according to a new report from Accenture.<\/p>\n\n\n\n

The report, titled \u2018The Reinvention Reset \u2014 From Bold Plans to Pragmatic Actions\u2019, is based on proprietary industry research and a global survey of more than 200 oil and gas executives. An update of the inaugural report Accenture published last year, the report focuses on identifying the executives\u2019 plans to reinvent their companies according to a \u20185C\u2019 model encompassing competitiveness, connectivity, carbon, customer and culture.<\/p>\n\n\n\n

Participants\u2019 responses were aggregated to arrive at a Reinvention Index score for each company. The 10% of companies scoring highest \u2013 those taking decisive, holistic actions to bolster capabilities across the value chain, showing signs of total enterprise reinvention \u2013 were classified as \u2018Leaders\u2019, with the bottom 25% labeled \u2018Laggards\u2019.<\/p>\n\n\n\n

\u201cFaced with a host of disruptions \u2013 from longstanding underinvestment in production to the effects of the pandemic and the war in Ukraine \u2013 oil and gas companies must bolster their reinvention efforts now,\u201d said Muqsit Ashraf, a Senior Managing Director at Accenture who leads Accenture Strategy and the company\u2019s Energy practice. \u201cAn enterprise-level approach is crucial. Companies might be tempted to pay less attention to non-hydrocarbon investments because energy security in the near-term depends on maintaining oil and gas production, but balancing near-term energy security and longer-term energy sustainability will be key to their ability to compete and deliver 360\u00b0 Value.\u201d<\/p>\n\n\n\n

Reinvention is dominating the industry agenda, with 9 out of 10 respondents (92%) in this year\u2019s survey claiming they plan some form of reinvention, whether radical, significant or encompassing fundamental changes. Indeed, 70% of leaders and 50% of laggards view enterprise-wide transformation as a critical component in ensuring they remain competitive.<\/p>\n\n\n\n

While embarking on such broad, holistic transformations, the report suggests oil and gas companies should aim for balanced energy portfolios to underpin the future energy system. Indeed, all companies indicate they are increasing their focus on both security and sustainability, but Leaders are taking a more balanced approach, with Laggards more focused on energy security.<\/p>\n\n\n\n