![]() While their aim is to focus initially on capital projects, it’s probably safe to assume that the initiative will move to other areas of interest in time. An example of an efficiency opportunity with industry-level appeal is the digitalization of the supply chain. I was contacted recently by a trade association representing about 40% of the global production of oil and gas to discuss the role of digital innovation in upstream capital. Their brief states that while most oil and gas companies have programs in place to progress their internal digitalization agenda, some initiatives need to be tackled at the industry level to unlock value at scale. An effort by a group of international producers should eventually improve the efficiency of that spend. ![]() The oil and gas industry spends hundreds of billions each year on new capital projects.
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