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Drill Deeper Into Digital - 2017 Upstream Oil and Gas

2017 Ustream Digital Survey examines the focus and investments upstream oil and gas companies are making in digital technologies.

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Drill Deeper Into Digital - 2017 Upstream Oil and Gas

  1. 1. DRILL DEEPER INTO DIGITAL2017 Upstream Oil and Gas Digital Trends Survey
  2. 2. OVERVIEW 2017 UPSTREAM DIGITAL SURVEY Examines the focus and investments upstream oil and gas companies are making in digital technologies. Sixth-annual report on upstream oil and gas, surveying more than 300 upstream leaders in 18 countries: Respondents included members of executive and mid-level management, business-unit heads, engineers and project managers. National oil companies International oil companies Independent oil companies Oilfield service providers > Commissioned by Accenture and in conjunction with Microsoft > Conducted in April 2017 by PennEnergy Research in partnership with Oil & Gas Journal�
  3. 3. FIVE KEY FINDINGS Greater gains need analytics maturity. 0201 04 0503 Companies recognize power of digital yet struggle to realize value. Wider digital benefits are constrained by organizational issues. Most oil companies are not taking advantage of digital to resolve workforce issues. Oil companies fear becoming noncompetitive in digital race.
  5. 5. * Compared to 40% answering similar question posed 2 years ago More than half* recognize the value of digital and are looking to boost investment. In 3-5 years, over 70% plan “more” or “significantly more” investment in digital, transitioning to areas such as high-performance computing, wearables, artificial intelligence (AI), robotics, blockchain and mixed reality.
  6. 6. In the next 3-5 years, how much is your company planning to invest in digital technologies? KEY FINDING 1 16.8% 22.7% 47.5% 8.4% 4.7% Same Don’t Know Less Significantly More More INVESTMENTS LEVELS RISING
  7. 7. Which digital technologies is your company investing in today / next 3-5 years? INVESTMENTS TODAY / TOMORROW KEY FINDING 1 KEY Today Over the next 3-5 years Blockchain Mixed reality None of the above Other Cloud Big data / analytics Mobile devices Wearable technology Collaboration and social tools IoT Internet of Things (IoT) / cybersecurity High-performance computing Artificial intelligence / machine learning 18.6% Robotics and drones 31.1%35.1% 22.0% 10.9% 6.8% 5.6% 1.2% 2.2% 34.8% 32.9% 24.2% 11.5% 18.6% 24.5% 16.5% 29.8% 34.2% 28.6% 42.9% 46.0% 40.4% 40.7% 45.7% 40.1% 42.2% 28.9% 55.6%
  8. 8. More than a quarter (27%) quantify “significant” or “high” value ($50-$100 million or more) from their companies’ digital investments, most struggle to achieve wider gains, despite over 70% expecting to see fully digital oil fields within five years.
  9. 9. Can you quantify, in terms of value, how much digital is adding to your business today? KEY FINDING 1 22.0% 15.8% 13.0% 3.7% 11.5% 14.3% 19.6% Low Up to $5 million in total value Average over $5 million in total value We do not measure this value High Over $50 million in value Don’t know NoneSignificantly more Over $100 million in total value DIGITAL’S VALUE-ADD
  10. 10. The benefits of digital extend beyond cost reduction. Digital’s emerging wave of value should enable much greater productivity from assets and people. The technology focus is shifting from analytics, cloud and mobility to technologies such as artificial intelligence, machine learning and robotics. Opportunities to realize greater value will depend on industrializing initiatives that began as small pilot projects. OPPORTUNITIES KEY FINDING 1
  12. 12. Big data/analytics ranks as the top digital investment area (46%) in 3-5 years. Respondents rate themselves as more mature in analytics than in other digital technologies, but >50% are still implementing relatively immature projects like big data storage. As analytics accelerate to artificial intelligence and machine learning, greater maturity is needed.
  13. 13. How mature is the use of analytics within your business ? KEY FINDING 2 15.2% 18.0% 28.3% 14.3% Mature Novice Localized Semi mature 24.2% Aspirational MATURITY LEVEL: ALL RESPONDENTS
  14. 14. KEY FINDING 2 Which big data and analytics capabilities is your company looking at implementing? 32.9% Advanced visualization in traditional areas 50.3%Big data storage 33.2% Data services (extraction, transform and load) 17.1%In-memory computing 13.4%Edge computing 29.8% Data sciences personnel or tools 18.6% 19.3%Machine learning Cognitive computing 27.0%IoT Other 3.4% CAPABILITIES: UPSTREAM FOCUS
  15. 15. Over 70% of respondents chose one of the following four areas as their top area for analytics investments: Both asset management and drilling and completions had 5% more #1 responses than in the previous survey. Nearly a third believe the time frame for implementing capabilities associated with analytics ranges between two and three years, rather than immediately or in the long term. The next wave of investment in analytics is moving the focus from production surveillance to drilling and completions—possibly indicating some recovery in exploration, as well as more sophisticated use cases for analytics. Asset management / maintenance Drilling and completions Capital project management Production optimization +5% 1/3 NEW FOCUS ANALYSIS KEY FINDING 2
  16. 16. Analytics is evolving to artificial intelligence and machine learning, areas in which competence in oil and gas is relatively limited. While many respondents self-assess competency in statistical analysis in certain areas, oil and gas companies need to develop maturity for the emerging wave of sophisticated analytics. OPPORTUNITIES KEY FINDING 2
  18. 18. Compared to prior surveys, digital’s importance in cost cutting has waned as companies move to realize the benefits of faster decision making, and shorter time frames to first oil and gas. By its nature, digital requires innovation but the “lack of clear business case” is a major inhibitor.
  19. 19. KEY FINDING 3 What are the top three areas you believe digital can benefit your company? (Please select the top three in priority order) 1 2 3 PERCEIVED BENEFITS OF DIGITAL Faster time to first oil and gas 19.3% 5.0%9.3% Lowering costs 7.8% 8.1% 12.1% New ways of collaboration across the supply chain 5.9% 11.5%3.7% Better asset management 15.2% 20.2% 15.5% Reduced risk due to real-time decision support 18.9% 14.9% Faster and better decisions 29.8% 18.0% 7.1% Improved security 3.7% 4.3 4.7% Better collaboration for improved health, safety and environmental 5.0% 3.1% 8.7% Material reduction of offshore and onshore workforce 3.7% 6.2% 1.2% KEY 12.1%
  20. 20. FASTER, BETTER DECISIONS SOLID BUSINESS CASES COST REDUCTION DECLINING IN IMPORTANCE 25% say the #1 barrier to digital benefits is lack of clear strategy or business case KEY FINDING 3 Using digital for faster and better decision remains the top priority in 2017 (as it was in the previous survey). Gaining faster time to first oil and gas moved to second place for overall digital benefits, compared to fifth position in 2015. The cost-reduction benefit of digital is receding in importance for companies in the upstream sector. In the previous survey it was cited by 41% of respondents as one of the top three areas for perceived benefits from digital. In the current survey, only 28% of companies ranked it in the top three. Many upstream oil and gas companies are finding it challenging to create solid business cases for digital. The lack of funding also holds up digital advancement and greater realization of value. ANALYSIS
  21. 21. KEY FINDING 3 OPPORTUNITIES Oil and gas companies can reposition digital as a strategic conversation in the C-suite, moving the focus from pure operational efficiency to running processes and assets in an integrated manner for greater value creation. Cultural change is vital. The industry has been developed to run as high-functioning silos to maximize predictability and minimize risk. Digital, by its very nature, requires innovation and a more creative culture of trying new things and taking risks.
  23. 23. Cost pressures mean achieving more with less. Oil companies are using digital to upskill workforces and leverage contingent labor, and nearly half say the top workforce impact of digital is to boost productivity. The majority sense being 3-5 years away from having a solid base of digital skills.
  24. 24. KEY FINDING 4 Which of the following are you using to address workforce challenges? Upskilling workforce in digital skills relating to upstream 33.5% Using on-demand labor platforms to hire and manage independent workers 9.3% Actively focused on creating a blended workforce of independent/ freelance workers and internal workers 14.9% Using crowdsourcing platforms to tap into skills networks 5.0% Using open innovation networks and processes 13.7% None of the above 14.6% Our company does not have workforce challenges that need to be addressed 7.5% Other 1.6%
  25. 25. How many years are you away from a solid digital skill base? KEY FINDING 4 28.0% 11.2% 41.0% 8.7% 7.5% 3-5 years 3.7% More than 10 years 1-2 years 6-10 years Not sure We have the skill base we need
  26. 26. >60% CURRENT CHALLENGES SHORTAGE BY 2025 KEY FINDING 4 More than 60% of companies surveyed reported having lost some of their workforce in the past year due to digital technologies, with the oilfield services sector most affected. Among all respondents, engineering was hardest hit, along with production operations. As stated in Accenture’s recent oil industry talent study, The Talent Well Has Run Dry, the oil industry is expected to experience a shortage of 10,000 to 40,000 petro-technical professionals by 2025. Old talent strategies are likely to fall short, and new skill sets—including artificial intelligence, machine learning and robotics—are needed. Among current challenges cited, recruitment tops the list, followed by creating a blended workforce of independent/ freelance workers and internal workers on-boarding. ANALYSIS
  27. 27. KEY FINDING 4 A major opportunity lies in rethinking what people are doing, refocusing the efforts of highly-paid talent whose time is swallowed up by repetitive activities. Brain power needs to be refocused on value. Re-examine career paths to make them more attractive to young people, who value innovation and creativity. Take action now to increase the chance of acquiring digital skills before competitors do. OPPORTUNITIES
  29. 29. Respondents recognize digital helps address vital challenges: cost reduction, capability improvement, health and safety, and operational effectiveness, but there is more. Digital is altering the dynamics of entire industries. Without plotting a transformation journey, companies risk being left behind.
  30. 30. What business challenges do you believe digital can help address? (Please rank all that apply, 1 = most important…10 = least important) *Note: Only areas ranked as “most important” are shown. 34.2 % 11.2% 9.3% 6.2% 3.1 7.1% 6.8% 2.2% 1.9% 1.9% Cost reduction A shortage of people with the right skills Health and safety Need for improved capabilities Race for operational effectiveness Adapting to new regulations Need for better collaboration Reigniting growth Innovation and R&D Re-balancing the portfolio KEY FINDING 5
  31. 31. 19% 18% 12% 39% say the #1 risk of lack of digital investment is being non competitive vs. peers Digital is already altering the power dynamics in asset-intensive industries, and nearly 40% of oil companies are worried about the risk of being left behind their peers if they do not continue to invest in digital. Companies recognize digital can help overcome challenges, and the most important ones cited: Additional fears of insufficient digital investments include: inability to transition to a new energy landscape fears of increased cyberattacks health, safety, and environment Cost reduction Capability and skills improvement Health safety and environment (HSE) General operational effectiveness KEY FINDING 5 ANALYSIS
  32. 32. KEY FINDING 5 Accenture’s Digital Performance Index study for Energy shows leaders in transformation go further to harness digital’s power. They future-proof companies by revolutionizing every element of their respective industry’s traditional business model. The rewards of innovation can be long-lasting: Successful digital businesses pioneered by early movers are extremely difficult to unseat, even after billions of dollars of investments by competitors. OPPORTUNITIES
  33. 33. CONCLUSION Respondents to the 2017 Upstream survey recognize digital technologies can help reduce costs, make faster and better decisions, and boost productivity. Senior executives need to become more involved in envisioning how the next wave of digital technologies can lead to breakthroughs in performance. the focus needs to move from sheer cost reduction to boosting asset and workforce productivity to become more competitive versus peers. FOR THE INDUSTRY the next wave is transitioning to artificial intelligence, machine learning and robotics. WHEN IT COMES TO DIGITAL digital can be leveraged to achieve more with less, and to develop a culture attracted to “the New*” and making it a reality. TO REJUVENATE THE WORKFORCES
  34. 34. *Accenture is defining the context of the “New” as follows: Our clients’ worlds are changing all the time. They are experiencing demographic shifts (millennial), changing customer expectations (the rise of the sharing economy), shifts in macro, social and cultural trends (climate change) and, of course, emerging technologies (digital, quantum computing, solar, etc.). When these forces meet, they can cause major discontinuities and disruptions for businesses and societies—as well as enormous opportunities for organizations. As a result of the shifting environments, new business models emerge. An organization’s core business is joined by the nearby new business opportunity, which is driven by innovations in new management practices and new technologies. The new business allows companies to challenge conventional practices and serve customers better, faster and cheaper than the existing approaches provided by incumbent players. Visit us at: Accenture.com/energy Copyright © 2017 Accenture All rights reserved. Accenture, its logo, and High performance. Delivered. are trademarks of Accenture TO LEARN MORE VISIT: www.accenture.com/upstream-oilandgas CONNECT WITH US