Sampath Kumar| Information Services Group
Even in crisis there is opportunity. Nothing more pertinent can be said about the current state of the global oil exploration and production industry. The crisis at hand is a unique opportunity for transformation.
The Crisis: A confluence of political, economic, technological and social factors is creating a perfect storm in the oil exploration and production industry. Even with recent increases in crude oil prices, the volatility remains. Analysts estimate that North American oil companies are losing nearly $2 billion a week at current prices. Their long-term debt has soared from $200 billion in 2010 to over $350 billion in 2015. By any measure, the top line and the bottom line of nearly every company across the value chain is under tremendous pressure. This calls for unprecedented interventions: political, economic, and, perhaps most promisingly, technological.