“The purpose of the theme of Transition is to bring about a useful debate on the transition to a new normal situation in the industry,” says Leif Johan Sevland, CEO of ONS.
From Changes to Transition
In 2014, Changes was the ONS theme. The many changes facing the industry were discussed at the conference. Analysts and leaders predicted much of what has happened since then.
The theme of Transition takes the debate further, to the changes and actions needed to stabilise the industry and to what the new normal situation will be for oil and gas companies.
Below is the official ONS text on the theme of Transition.
For a long time the energy world has been changing, and recently times have been getting rougher. It is time to take hold of the situation, and start adjusting to the new normal. It is time for transition.
Transition means taking action, not just waiting to see what the world will bring next. It means actively steering from one situation to another, instead of going with the flow. What we do today will shape the world of energy tomorrow.
The new market reality
Adjusting to a new market situation with lower profit margins is an important part of the transition. We need to develop advanced technology and produce challenging petroleum resources at lower cost. Cheaper, standardised solutions are advocated – but how do we implement them rapidly?
Lower oil prices affect the level of exploration and inhibit new developments. At which point will the cost pressure also affect the level of innovation? Will it simply transform the way we innovate and make it easier to arrive at viable solutions?
Into a sustainable future – but we still need the mix
Transition is also about an evolution from an oil and gas world to a low-carbon reality. The transition has already come far in one sense: in public opinion and people’s minds. We want a greener world.
We need to develop sustainable energy and reduce emissions. But while we do that, we also have to keep on searching for new oil and gas fields. Renewables cannot provide all the energy the people of the world need. Not yet. Not for many years. So what can we do to make the exploration and production of oil and gas as clean as possible? Where are the opportunities to turn cleaner energy into a business advantage?
Discover. Develop. Deliver.
An unstable geopolitical scene drives transition on different levels. It leads to changes in energy supply and demand; but access to energy is also an important tool to increase living standards in underdeveloped countries. How do we provide energy, fight poverty and look after our environment at the same time?
A different business climate is required to overcome these challenges. Companies are advocating for new global policies – but what exactly do they want?
How can the leaders of our industry take action to show us the way through the transition and into a desirable future?
The transition has already started and at ONS 2016 we will try to take it one step further, through debates, discussions and the insights of our prominent conference speakers. We have the destination in sight. Now let us find out how to get there.