{"id":23650,"date":"2021-02-08T15:31:25","date_gmt":"2021-02-08T14:31:25","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=23650"},"modified":"2021-02-08T15:31:54","modified_gmt":"2021-02-08T14:31:54","slug":"oil-gas-industry-needs-to-reimagine-its-business-and-models-to-maximise-energy-transition-opportunities","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/02\/08\/oil-gas-industry-needs-to-reimagine-its-business-and-models-to-maximise-energy-transition-opportunities\/","title":{"rendered":"Oil &amp; gas industry needs to \u2018reimagine\u2019 its business and models to maximise energy transition opportunities"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"23650\" class=\"elementor elementor-23650\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-800f046 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"800f046\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e2120dd\" data-id=\"4e2120dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-79ffcd9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79ffcd9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3e9097b4\" data-id=\"3e9097b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ffdcdd6 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"1ffdcdd6\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Oil &amp; gas industry needs to \u2018reimagine\u2019 its business and models to maximise energy transition opportunities<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11e53b22 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"11e53b22\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>08\/02\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28b354c0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"28b354c0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20a3734f elementor-widget elementor-widget-text-editor\" data-id=\"20a3734f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Enhancing collaborative culture within the offshore oil and gas industry is not only key to maximising the potential of its existing world class supply chain but could also unlock future activity in the UK Continental Shelf (UKCS) and be key to delivering a successful Net-Zero future.<\/p><p>Improving commercial models which support cost reduction whilst incentivising the supply chain could re-energise collaboration, according to the findings of the annual\u00a0<a href=\"https:\/\/oilandgasuk.co.uk\/collaboration-report\/\">Deloitte and OGUK Collaboration Report<\/a>, published today (January 28).<\/p><p>Deloitte and OGUK\u2019s industry-wide Collaboration Index (CI), which measures the effectiveness of companies as partners in projects, is part of the annual UKCS upstream supply chain collaboration survey. The report showed a slight increase in the collaboration index to 7.1 in 2020 from 7.0 in 2019, highlighting the flexibility and support the supply chain showed during an exceptionally challenging year.<\/p><p>On top of this, collaboration success rates hit a record high in 2020 with more than 50 per cent of survey respondents saying over half of their efforts were successful. In what also marked a first in the survey\u2019s six-year history, the overall proportion of \u2018successful\u2019 efforts was higher than \u2018unsuccessful\u2019 ones.<\/p><p>However, while COVID-19 saw many businesses work together to address the challenges, respondents said the pandemic and consequent economic downturn also led to disadvantageous commercial behaviours such as cancelled or modified contracts.<\/p><p>OGUK Supply chain and Operations Director, Katy Heidenreich, said: \u201cOGUK has been encouraging industry to do business in a sustainable way to protect the supply chain. This includes finding innovative ways of working that deliver\u00a0value for both sides, ensuring that industry has the skills and resources needed when\u00a0activity rebounds, as well as using the Supply Chain Principles as a mechanism to improve behaviours.<\/p><p>\u201cWe redesigned the questions in our 2020 Collaboration survey to understand how well these Principles have been embraced since we launched them.<\/p><p>\u201cGreater collaboration will be a key factor in unlocking future industry developments and to strengthening our basin, our versatility, and our resilience.\u00a0The ability to work together well across companies, industry and the wider energy sector will be critical to delivering a successful energy transition which supports jobs and the communities we work in. Collaboration needs to be part of our DNA; while it is not a silver bullet, it is good for business.\u201d<\/p><p>OGUK will issue a call to action to promote adherence to its Supply Chain Principles and to communicate the benefits after the survey received a broad mix of views.<\/p><p>Deloitte\u2019s Office Senior Partner (Aberdeen), Graham Hollis, said: \u201cIn what is an extremely challenging environment, the industry must assess new opportunities and challenges as it addresses the year ahead. Organisations need to reimagine their businesses and models and focus on the right set of collaborative behaviours because as the report highlights, working closely with suppliers and customers to support one another will be vital.<\/p><p>\u201cAs part of this, Deloitte has produced a Framework for Action which details six building blocks that organisations should consider helping develop and continue building successful collaborative relationships \u2013 ones which deliver greater value for both operators and suppliers.\u201d<\/p><p>Deloitte\u2019s Framework for Action supports the OGUK Supply Chain Principles, and both will be key to stimulating collaborative behaviours. OGUK will also be issuing a call to action to promote adherence to its Supply Chain Principles and to communicate the benefits after the survey received a broad mix of views.<\/p><p>With the Supply Chain Principles, energy transition and internal collaboration being new themes explored in this year\u2019s survey, almost two-thirds of operator respondents said they were making some progress to meet their energy transition objectives \u2013 in line with the OGUK\u2019s Roadmap 2035: a blueprint for net zero \u2013 compared with 49 per cent of suppliers.<\/p><p>While some operators showed best practice in sharing the risks and rewards of working relationships appropriately, there are still opportunities to improve.<\/p><p>OGA\u2019s Head of Supply, Bill Cattanach, said: \u201cSuccessful project delivery is more predictable where there is a fair and equitable partnership between operator and supplier.<\/p><p>\u201cThere are encouraging signals, as shown in the report, that the industry is leaving old approaches behind and embracing the expertise which exists within the supply chain in a collaborative manner. However, there is still room for improvement, and collaboration should remain a key focus for industry going forward.\u201d<\/p><p>The report can be viewed\u00a0<a href=\"https:\/\/oilandgasuk.co.uk\/collaboration-report\/\">here<\/a>\u00a0.<\/p><p>Source: <a href=\"https:\/\/oilandgasuk.co.uk\/\">Oil and gas uk<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7360b72d\" data-id=\"7360b72d\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5bfd48 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"c5bfd48\" data-element_type=\"widget\" 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href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Enhancing collaborative culture within the offshore oil and gas industry is not only key to maximising the potential of its existing world class supply chain but could also unlock future activity in the UK Continental Shelf (UKCS) and be key to delivering a successful Net-Zero future. Improving commercial models which support cost reduction whilst incentivising [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":20139,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Oil &amp; gas industry needs to \u2018reimagine\u2019 its business and models to maximise energy transition opportunities | StocExpo ","_seopress_titles_desc":"Oil &amp; gas industry needs to \u2018reimagine\u2019 its business and models to maximise energy transition opportunities. You can keep up-to-date with all the latest industry bulk liquid storage news here with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-23650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/23650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=23650"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/23650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/20139"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=23650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=23650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=23650"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=23650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}