During his participation at the 11th Gulf Intelligence Global UAE Energy Forum 2021
CCED MD: Advances in digital technologies can allow the O&G industry to respond effectively to changes in the marketplace
Muscat, 13 January 2021 – CC Energy Development (CCED) Managing Director Walter Simpson participated in the 11th Gulf Intelligence Global UAE Energy Forum 2021, which brought together energy industry experts from across the world to discuss latest trends under the theme, ‘Energy Outlook 2021: Moving Beyond the Pandemic?’. CCED’s MD featured in the Middle East section of the event as one of four speakers on the Energy Industry Roundtable titled, ‘Digitalization: What are 3 top priorities for Oil and Gas companies to manage their climate impact in 2021?’.
“Digitalization has been a key empowering influence for operational excellence long before COVID-19. The challenges of the pandemic, however, have brought to the surface how effective digital tools can be in allowing businesses to work remotely, yet be able to deliver and succeed in such uncertain times,” said Simpson. “To stay competitive, the oil and gas industry needs to demonstrate agility and adaptability while using technology intelligently to meet the requirements of the next “new normal”. But we also need to beware that intelligent automation isn’t just the deployment of digital tools, but having a comprehensive blend of a talented workforce and the latest technologies to sustain and enable further business growth.”
Simpson went on to highlight that hydrocarbons are, and will remain, a major part of the energy mix for the foreseeable future, hence, the industry should leverage the spike in digital awareness to drive a lasting change in working practices. He identified three elements that are critical for the success of smaller independent hydrocarbon producers including, lowering costs, minimizing environmental footprint, and adding value to their local communities.
One more key point the CCED MD highlighted was that organizations must constantly develop their human capital and build their capacity by providing them with access to the best available resources, which will in turn bring a major shift in how they use the technology of the 4th Industrial Revolution. He went on to explain that 2020 was a year of multi-pronged disruption in the oil and gas sector with global oversupply, then a sharp slump in demand caused by the COVID-19 outbreak, triggering increased efforts to pursue an energy agenda to combat global warming.
Simpson concluded, “All of these challenges have heralded massive change that has paved the way for the large scale adoption of digital technology in the oil and gas industry. And while we are still not sure about the duration of the pandemic’s impact, drawing up a plan to digitize and adjust, and most importantly accelerate the digital transformation in oil and gas is key to optimize operations and unleash new methods.”
The Global UAE Energy Forum has established itself after 10 years as the signature thought leadership event hosted in Abu Dhabi at the start of each year for those tasked with leading the Middle East energy industry, with an annual theme focused on exploring the Outlook for the issues and trends that are likely to impact the international energy industry over the coming 12 months.