Welcome to the second edition of KPMG’s oil and gas magazine, Drilling Down, designed to be of interest to anyone with a connection to the industry. We hope it will bring you valuable topical insights and promote discussion and debate around the key issues facing our sector.
The oil & gas sector is entering a period of ongoing disruption. Companies are being asked to reinvent themselves from the subsurface up. This can best be characterized by the following:
- Performance is being assessed by new measures and metrics.
- They are facing massive changes in the tax and regulatory environments they operate in.
- They are responding to rapidly evolving customer and stakeholder expectations.
- And they are doing so against a backdrop of significant socioeconomic and geopolitical uncertainty.
Digital solutions are one of the potential antidotes to disruption, if applied correctly, in that they can:
- provide oil & gas companies with the data they need to make strategic and operational decisions.
- give them the agility and flexibility to adapt to changing market conditions.
- offer the tools to create and execute new business models.
- form the foundations of the future of work. It can help to reduce risk, enhance insight and drive efficiency.
- deliver the agility that is needed when facing an uncertain future.
In this issue, we explore some of the use cases that are driving the urgency of the digital transformation in the oil & gas sector. We explore how digital is helping to build customer loyalty and insights as oil & gas companies seek to diversify into new business models. We examine how digital is helping oil & gas tax functions become more efficient and more strategic as tax moves up the oil & gas agenda. We look at how digital twins are driving operational efficiency and value in virtually every part of the oil & gas value chain.
Recognizing the gap between digital ambition and reality, this edition of Drilling Down also takes a more holistic view to exploring some of the unique barriers and opportunities facing oil & gas companies as they strive to digitize their businesses. And we offer some examples and case studies from KPMG member firms that work around the world to try to demonstrate how the leaders are overcoming the barriers and embracing the opportunities of digital.
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Why digital matters
If you thought the past few years were disruptive, just wait. The world has only seen the sparks of disruption; and the fundamental transformation they have ignited are quickly becoming burning platforms for change. Oil & gas companies will need to be agile if they hope to survive. And a key way to achieve that is through digital. Digital is a potentially strong antidote to disruption and I suggest oil & gas leaders start to rapidly prioritize investment and deploy digital capability across the sector. I hope this publication inspires industry decision-makers to double down on their efforts to drive digital transformation throughout their enterprises and ecosystems. To learn more about the topics raised here or discuss your unique digital transformation opportunities, I encourage you to contact your local KPMG member firm or any of the authors listed in this publication.
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