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Posted by JackJohnson22 on March 17th, 2020
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THE Australian Petroleum Production & Exploration Association has elected to postpone its 2020 APPEA Conference in Perth due to Corona virus concerns. In a statement the Association said that: “Due to recent events involving the COVID-19 Corona Virus, we regret to advise that our conference and exhibition scheduled for May 2020 is unavoidably postponed. “Due to events involving the spread of the virus both domestically and overseas, we find ourselves in a situation whereby we a...
Since 1981, Oil & Gas Australia has provided highly respected coverage of exciting developments in the Australasian petroleum sector for over three decades.
By Christophe Bourdeau, a Managing Director in Accenture’s oil and gas practice
AOG is an important annual forum for those operating in the oil and gas supply chain, bringing us all together to tackle the common issues and problems facing our industry – and collectively trying to raise the bar.
Globally, the oil and gas industry is dealing with massive disruption on multiple fronts – from increasing oil price volatility, to new and emerging digital technologies and the drive for greener and more sustainable energy.
In Australia, it’s a similar story, amid renewed debate around the role of the oil and gas industry in the nation’s recent extreme weather events, and ambitious emissions reductions targets. These pressures are compelling operators to examine their very purpose and create new business models to thrive in the future.
Accenture believes that the Western Australian energy sector can become a world leader by collectively aligning around a central purpose we refer to as ‘Triple Zero’ – zero harm, zero loss and zero waste. The industry already has many initiatives underway to drive change amid this ongoing disruption; and by focusing on its fundamental purpose, we can move rapidly and decisively towards achieving Triple Zero.
Zero Harm centres around safeguarding human health and wellbeing, particularly crucial in an industry with often hazardous working conditions. It’s also about protecting machines, assets and critical infrastructure; and building resilience against the ever-increasing threat of cyber attacks. Social trust is a key element here; again, particularly pertinent to the oil and gas sector as companies strive for responsible and transparent operations in the communities they operate in.
Zero Loss pertains to operational efficiencies and how to promote a manufacturing mindset and end to end visualisation of losses and optimisation.
Zero Waste focuses on climate, sustainability and energy/water efficiency. Circular value, and recycling and recovery of waste is already a growing area of focus for the oil and gas industry.
Through this Triple Zero lens, the oil and gas industry should focus on three key priorities:
Embrace next-generation digital technologies
As the oil and gas industry moves to transform at pace and scale, emerging technologies are key to unlocking this potential across the three ‘Zeros’. Critical among these are distributed ledger technology/blockchain (DLT); artificial intelligence (AI); extended reality (XR); and quantum computing—collectively known as DARQ technologies. While each is powerful individually, together they will change how the entire energy industry works.
Accenture research reveals that combining DARQ technologies could help oil and gas companies boost their market capitalisation by a massive 44 percent. Furthermore, forty-two percent of upstream and 30 percent of downstream executives expect AI to have the greatest short-term impact on their business.
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About the AuthorJackJohnson22
Joined: January 30th, 2020
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