Can innovation help the petroleum industry to survive the perfect storm created by the oil price war and COVID-19 pandemic?
I believe innovation not just can help here but will become the key part of the solution.
However, to benefit from innovation and achieve sustainable growth and value creation, companies have to adopt a systemic approach to innovation. In particular, companies should strategically evaluate and re-build their innovation capabilities taking into account other external factors, such as energy transition, 4th industrial revolution, climate and environmental concerns.
It is also important to consider internal factors, such as companies’ corporate structures, cultures, values etc. Indeed, rigid hierarchical structures and fixed mindsets characteristic to oil and gas companies make them too slow to react to fast-changing environment, creating barriers for innovation.
Cost (and headcount) cutting alone cannot save companies in the long run. They should complement product/service innovation with business model innovation.
By Dr Alexandra Rogacheva, Global Head of Innovation, Expro
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