ByGaurav Sharma,
Senior Contributor.
Big Oil’s quest for improved margins and efficiencies in a volatile energy market has strengthened its ties with Big Tech. This pairing up is giving rise to an opportunity that’s worth billions of dollars, if not more.
Despite the clamor for sustainability and low carbon alternatives, most in the industry admit that oil and gas will remain a sizeable part of the energy mix for a good few decades to the middle of this century and beyond.
Yet, its an industry that’s pretty cyclical, often hostage to geopolitical strife and the economies of key global demand centers. In managing this dynamic and wider societal pressures to add renewables and low-to-zero carbon solutions to their portfolio mix, the industry is now incrementally turning to technology.
