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Speaker 1: Hi, everybody. So a few months ago, I was in

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Speaker 1: a class at my gym and a friend of mine

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Speaker 1: comes up to me and says, Hey, have you heard

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Speaker 1: a BP launch Pad? I'm getting recruited by them. I hadn't,

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Speaker 1: so I texted another friend of mine who works at

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Speaker 1: BP to find out if he'd heard about it. No, nothing, anyway.

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Speaker 1: Fast forward three months later, BP launch Pad has made

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Speaker 1: its debut and is billing itself as a quote scale

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Speaker 1: up factory, taking innovations made in BP, putting them in

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Speaker 1: this incubator to become standalone businesses and or business units

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Speaker 1: of BP. The first to come out of launch Pad

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Speaker 1: is a business called LIT that's l y t t.

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Speaker 1: Apparently LIT stands for listening Norwegian. They describe it as

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Speaker 1: sort of a Shazam for boreholes, listening down the well

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Speaker 1: to identify conditions and potential problems. The strategy of going

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Speaker 1: after technologies to optimize operations is not unique to b P.

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Speaker 1: It's definitely not alone in this. Most, if not all,

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Speaker 1: oil majors are going all in on digital technologies to

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Speaker 1: optimize operations and keep costs down. Exactly where they focus

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Speaker 1: their attention and strategy seems to be influenced by the

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Speaker 1: personalities of the companies them else or at least the

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Speaker 1: exacts in the companies. What do I mean by that? Well,

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Speaker 1: we brought in two BENF analysts to help us unpack that.

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Speaker 1: We've got Claire Curry, who leads benfs coverage of all

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Speaker 1: things digital, along with Hannah Davenroy, who wrote the report

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Speaker 1: we're gonna talk about today, Digitalization Strategies of Oil Majors,

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Speaker 1: published on June nineteen. BEANEF clients can find this report

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Speaker 1: by a quick search on benf dot com, the BENF

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Speaker 1: Mobile app, or benf Go on terminal. Please note that

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Speaker 1: BENF does not provide investment or strategy advice, and you

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Speaker 1: can hear the full disclaimer at the end of the show.

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Speaker 1: I'm Mark Taylor, head of product for BENF, and you're

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Speaker 1: listening to switch down the BENF podcast. Claire, Hannah, Welcome, Hi,

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Speaker 1: Hi Mark, thanks for coming in. Thanks so much for

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Speaker 1: having us today. When I was reading this, I was

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Speaker 1: thinking why, you know, like, why does an oil company

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Speaker 1: want to be a tech company? Should we just start there? Hannah?

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Speaker 1: How about you sure we can start there? I think

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Speaker 1: oil companies are seeing the value of digital technologies in

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Speaker 1: spaces like consumer but there's a lot of disruption to

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Speaker 1: their core business also, So you see oil companies diversifying

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Speaker 1: into the power sector, and you see them wanting to

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Speaker 1: shrink their cost of operating their core business. And one

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Speaker 1: way that they're achieving this efficiency is by applying digital

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Speaker 1: technologies to track data across their business operations. So an

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Speaker 1: oil company will see places for improvement in in their

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Speaker 1: business and think that the collection of data through sensors,

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Speaker 1: through comms networks, and through large aggregating platforms like cloud

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Speaker 1: computing will actually enable them to make better business decisions

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Speaker 1: about how to allocate their capital and how to better

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Speaker 1: manage their their operating costs. Does it seem like it's working.

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Speaker 1: It's hard to say. I think oil companies are very

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Speaker 1: much in the early stage of scaling digital projects from

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Speaker 1: proof of concept or pilot projects to their operations across

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Speaker 1: their enterprise um and I can't imagine it's a clean transition. No,

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Speaker 1: especially since you have to remember that oil majors have

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Speaker 1: hundreds of thousands of employees across many many countries, and

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Speaker 1: so coordinating these efforts on a culture level as well

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Speaker 1: as sort of a business organization level, it's quite difficult.

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Speaker 1: So we see a lot of oil companies that are

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Speaker 1: actually setting up new departments and teams both within their

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Speaker 1: core business but also in their venture capital arms to

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Speaker 1: encourage collaboration on this on on these digital technology projects

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Speaker 1: UM across different types of their their their employee groups.

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Speaker 1: Is this more of a venture play for these oil

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Speaker 1: companies now or is it part of their core strategy.

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Speaker 1: It's very much part of their core strategy. We check

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Speaker 1: how oil companies make their their venture investments, and in

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Speaker 1: a lot of cases, especially with the European oil majors

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Speaker 1: like BP and Shell, a lot of their focus has

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Speaker 1: been on on diversifying into power assets. While they do

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Speaker 1: make pretty substantial investments into digital startups, it seems like

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Speaker 1: this is often to access the technology UM for for

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Speaker 1: pilot projects and then how up these businesses have access

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Speaker 1: to the domain knowledge, the oil assets, how the business

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Speaker 1: operates UM in order to give them a better understanding

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Speaker 1: of the industry. Innovation is really hard. You look at

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Speaker 1: Google right innovative tech company. They really struggle to spin

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Speaker 1: out startups and spin out new technologies that really work.

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Speaker 1: They've had a series of very public failures of just

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Speaker 1: getting innovation and new tech right you think about like

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Speaker 1: X on VP Shell they have hundreds of thousand employees

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Speaker 1: are often lifers. Oil companies are very siloed, so you

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Speaker 1: have the I T team does it T the guys

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Speaker 1: on the oil rigs or on oil rig for a

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Speaker 1: month they don't speak. And what companies that Hannah has

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Speaker 1: been writing about, like Equanore so in Um kind of

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Speaker 1: the North Sea, have been trying to get those guys

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Speaker 1: on the oil rig to become I people. And they're

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Speaker 1: doing sprints, They're doing scrums, are things that like your

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Speaker 1: product team knows well. They're beginning to spin out apps

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Speaker 1: to put onto this cloud platform they've built, and it's

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Speaker 1: the operations guys doing it, and I T is kind

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Speaker 1: of beginning talk to them and support them. So it's

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Speaker 1: actually really cool. It sounds slow and it's hard to

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Speaker 1: measure benefits, but these are companies that are the biggest

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Speaker 1: in the world, often the slowest, most old fashioned, and

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Speaker 1: they're actually doing some really interesting innovative things. It's got

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Speaker 1: to be so hard. It's got to be so hard,

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Speaker 1: because I find communication and getting adoption of new tech

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Speaker 1: just in our small area of Bloomberg is hard. I

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Speaker 1: can't imagine it could be any type of easy on oil,

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Speaker 1: you know, with all these guys on the oil rig,

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Speaker 1: especially because they have legacy systems. Right some oil majors

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Speaker 1: will leave unnamed, you know, have one or two partners

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Speaker 1: they do everything with. And these traditional enterprise software companies

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Speaker 1: are not innovating around digitalization IoT AI, and so if

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Speaker 1: you're a big oil major, what do you do? You

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Speaker 1: have this multimillion dollar contract with a big RP company

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Speaker 1: that served you well, but they're not doing what you

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Speaker 1: want to do? Do you rip them out? If you

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Speaker 1: do that, that's huge. I don't know how you do that.

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Speaker 1: I don't know how a company really changes so significantly

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Speaker 1: their partnerships, which is kind of what some of these

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Speaker 1: guys are thinking about doing a slow breakup I know, yeah,

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Speaker 1: and hiring to write I mean then they no one's

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Speaker 1: doing this. How many companies are trying to hire a

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Speaker 1: data scientists right now? If your data scientists you want

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Speaker 1: to like a Google or Exon in Texas, well, that's

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Speaker 1: like different. Maybe that's an easy joy to make, but

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Speaker 1: it means that it's hard to hire the right people,

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Speaker 1: the right talent. I think that these oil majors struggle too,

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Speaker 1: is making sure that they are retaining the technology and

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Speaker 1: talent in house. So you hire people that that may

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Speaker 1: eventually leave, but you want to make sure that the

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Speaker 1: people who are working on these projects will be able

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Speaker 1: to sustain the scaling of the technology to completion. So,

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Speaker 1: for example, BP, as Claire mentioned, has an interesting approach

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Speaker 1: to this. They have set up an internal business group

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Speaker 1: called BP launch Pad and BP Launch Pads entire goal

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Speaker 1: is to hire small teams both externally and internally, to

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Speaker 1: take promising technology and scale it across the company, as

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Speaker 1: well as start to commercialize this technology and sell it

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Speaker 1: to its years. Which is an interesting approach because you

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Speaker 1: see oil companies that are very protective of their intellectual

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Speaker 1: property and of the data that they collect and what

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Speaker 1: they end up doing with that data. Obviously, if you

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Speaker 1: are able to achieve big efficiency games through these digital projects,

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Speaker 1: that is very valuable to your business and you might

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Speaker 1: not want to share that with your peers. But we

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Speaker 1: also see that commercializing technology is a way to scale

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Speaker 1: it across across the business. So is their goal in

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Speaker 1: sharing with their peers getting better data to make their

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Speaker 1: themselves more efficient or is it just simply a revenue

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Speaker 1: stream a lot of its um marketing incomes. I think

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Speaker 1: maybe this is be being cynical. I think a lot

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Speaker 1: of this stuff is if you're a big oil major,

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Speaker 1: there's a lot of disruption. As Hannah said, you're dealing

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Speaker 1: with that. He might go into power. You're dealing with it.

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Speaker 1: Maybe the threat of electric vehicles with regulation emissions and

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Speaker 1: so forth. A lot of the really big companies. I

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Speaker 1: think you're thinking about it like this is great pr

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Speaker 1: We are doing something new, innovative. We're using AI. Every

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Speaker 1: partnership we announced with Google gets tons of hits. We

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Speaker 1: love talking about this at conferences. Our CEO now can

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Speaker 1: go and talk about this new thing we're doing, and

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Speaker 1: it gives us a view of it just makes people

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Speaker 1: feel like we're the reasonally new and even innovative, and

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Speaker 1: if it helps to reduce safety concerns, right, which a

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Speaker 1: lot of this stuff is about safety of the minimum

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Speaker 1: and who work for them. A lot of it's about

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Speaker 1: CEO two emissions and tracking that better. It's about completing

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Speaker 1: wells faster, which is an environmental bonus. So that's my

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Speaker 1: cynical opinion. I think Hannah would probably a bit more

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Speaker 1: positive about their views, but I think I mean, I

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Speaker 1: guess you wrote about it. Well, it sounds to me

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Speaker 1: like it's also definitely revenue streams, maybe marketing within paer

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Speaker 1: groups in a way to engage more with customers who

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Speaker 1: are using your downstream products. So we see a lot

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Speaker 1: of the outward facing technology that oil majors are developing

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Speaker 1: in the form of mobile apps that allow them to

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Speaker 1: communicate better with their customers, to track retail sales at

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Speaker 1: their at their petrol stations, um and that type of

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Speaker 1: data collection and point of communicytion with their customers is

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Speaker 1: something that they see as as very valuable both consumers

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Speaker 1: like you or I who would drive the drive our

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Speaker 1: cars to a gas station me neither actually, or they're

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Speaker 1: they're larger commercial customers, like in like in maritime applications.

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Speaker 1: So another example of this is Shell has recently spun

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Speaker 1: out an application for its maritime customers called Acuport that

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Speaker 1: forecasts lubricant needs for ships entering and exiting ports so

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Speaker 1: that they can better better organize their supply chain to

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Speaker 1: meet the needs of their customers. Where the customers are

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Speaker 1: and when they need that lubricant, so'll be waiting for

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Speaker 1: them when they when they dock exactly pretty cool. So

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Speaker 1: if the oil companies can become tech companies, why is

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Speaker 1: this not spreading into other areas like utilities, which sort

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Speaker 1: of put that out. I think my gut is utilities

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Speaker 1: days themselves tech fans. I mean Portugaist the oil sector.

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Speaker 1: The oil companies were technology companies in sort of about

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Speaker 1: a decade ago. Due to I am Gen oil press

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Speaker 1: crashes and consolidation, a lot of them basically said, okay,

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Speaker 1: we're not going to own a tech we just want

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Speaker 1: Baker Hughes or Haliber not Smerdy to own this for us.

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Speaker 1: So now a lot of them actually really they own

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Speaker 1: the oil field and they have employees and they kind

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Speaker 1: of have the name of whatever it is. But actually

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Speaker 1: the technology of the exploration and the digging up of

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Speaker 1: the commodity is actually on the oil field services companies.

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Speaker 1: So I think a lot of these big oil majors

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Speaker 1: still see them all as tech firms because they were historically,

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Speaker 1: and they're now not so much. They're more asset owners

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Speaker 1: now and traders. I mean Shell. Most of Shell's business

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Speaker 1: is now selling stuff. It's not exploring. It's not any technology.

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Speaker 1: It's really transporting it to a gas station or selling

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Speaker 1: to shipping companies, and so they see those tech firms.

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Speaker 1: A lot of them I think have doted scientists anyway,

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Speaker 1: because they still like the idea of doing kind of

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Speaker 1: geoscience are stuff. Utilities are small at businesses. If your

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Speaker 1: utility that has twenty thousand employees, you're not gonna as

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Speaker 1: opposed to a hundred thousand employees, You're probably not going

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Speaker 1: to be thinking about this. Also, utilities outsourced so much.

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Speaker 1: I mean, they really don't mean I don't want to

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Speaker 1: diss them. They I don't think really like a grid

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Speaker 1: owner necessarily knows as much as like a Schneider Electric

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Speaker 1: might do about their grid. And I'll give a little

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Speaker 1: bit of a different perspective. I think oil companies also

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Speaker 1: have experience working with multiple partners at the same time.

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Speaker 1: So if you're doing an offshore project, you might have

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Speaker 1: fifty to a hundred different companies that are working with

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Speaker 1: you on the execution of that project, everything from food

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Speaker 1: services to the technology firm that's providing your underwater vehicle services.

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Speaker 1: But I think organizing all of these companies to orchestrate

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Speaker 1: a large project is something that oil companies have a

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Speaker 1: big advantage here, and and utilities may catch up in

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Speaker 1: this project organization and relationship organization, especially with lots of

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Speaker 1: small startup vendors, but oil companies have had the advantage

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Speaker 1: there for for a long time. At what point do

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Speaker 1: oil companies by the startup that they're working with or

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Speaker 1: how often does that happen, or do they leave them

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Speaker 1: as vendors or we haven't seen that. Match Shell has

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Speaker 1: brought up a couple of like distribut entity companies on

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Speaker 1: the power side, But with tech and oil, it's kind

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Speaker 1: of interesting. I think a lot of oil startups are

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Speaker 1: very specific, so they're not doing general AI. They're doing

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Speaker 1: AI on this one thing that tends to fail on

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Speaker 1: offshore rigs in the Gulf of Mexico. UM. So, as

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Speaker 1: Hannah was saying, a lot of oil companies are very

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Speaker 1: a lot of oil service providers a very specialist. So

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Speaker 1: if you are opening up a new well in West Texas,

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Speaker 1: you know who to go to for each of the things.

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Speaker 1: There's no one guy that's going to do everything for you.

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Speaker 1: I think it seems to be similar with startups. So

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Speaker 1: BP might work with Kelvin AI, for instance, on a

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Speaker 1: particular field UM that's interesting for them to do AI.

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Speaker 1: Put it to maintenance on they might never work with

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Speaker 1: them again because a lot of the fields are somewhere else.

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Speaker 1: I know if there's a regional play to it too.

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Speaker 1: I also don't think the vcs oil companies go for

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Speaker 1: acquisition necessarily. But do you have a different view on

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Speaker 1: the Hannah, No, I think you're right that that's not

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Speaker 1: something we see a lot of companies have focused a

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Speaker 1: lot on building out incubation centers for startups that they

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Speaker 1: find promising, but often that's to access their technology, not

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Speaker 1: um as a separate company, not to not to acquire them,

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Speaker 1: I think is what we've seen. Let's go back to

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Speaker 1: the PR for a second. So abus, Microsoft is your

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Speaker 1: Google cloud, right, they're building themselves as green you know,

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Speaker 1: moving us into the future, powering their data centers with

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Speaker 1: wind and solar. Yet they are helping on these oil

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Speaker 1: companies pump more oil. So is there is there cred intact? Yeah,

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Speaker 1: this is a great question because we're actually been having

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Speaker 1: some conversations with some some clients about this who want

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Speaker 1: to know how much, Yeah, how much is what they're

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Speaker 1: doing greenwash and ifs or Microsoft really wants to push

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Speaker 1: into renewables force for powering their data centers. But they're

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Speaker 1: using the data centers, which is that cloud computing to

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Speaker 1: help find more oil, Like, what is what is going

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Speaker 1: on there? And how are they commune? Not in a

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Speaker 1: PR way, they're not we actually, I mean kind I

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Speaker 1: share with me an article a month or two ago.

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Speaker 1: Now that kind of slamming aws because at their big

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Speaker 1: conferences they say oil is our major target as an

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Speaker 1: industry now moving away from consumer we kind of got

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Speaker 1: consumering retail down. They're a huge market share owner. I

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Speaker 1: want to move into industry. Oil makes sense for us.

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Speaker 1: This is what we're going to pursue. Their hiring in

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Speaker 1: the head of Google Cloud for energy as an x

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Speaker 1: BP guy. They're hiring people from industry, but yet you

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Speaker 1: don't see that much in their coms and PR. You

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Speaker 1: see a lot of the stuff around renewables procurement. Yes,

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Speaker 1: they're they're also a many headed company who can believe

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Speaker 1: a lot of things at the same time. And that's

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Speaker 1: probably okay. Everyone's like that. Um, I don't know, what

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Speaker 1: do you think? King of Oil companies have had some

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Speaker 1: of the largest supercomputers commercially in the world for years

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Speaker 1: and years and years. So this is the compute power

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Speaker 1: that they require, and the and the data storage if

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Speaker 1: they require, especially for the seismic exploration data that they acquire,

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Speaker 1: is the need to very large. So this is I

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Speaker 1: think cloud computing will be the way that these companies

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Speaker 1: fill that need eventually and are moving in that direction.

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Speaker 1: And quite frankly, if aws, Microsoft and Google don't serve

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Speaker 1: these industries, someone else will. And because of the amount

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Speaker 1: of data that they need and the compute powever they need,

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Speaker 1: it's a very large opportunity for for these cloud computing companies.

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Speaker 1: And actually they found power pretty hard. A lot of

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Speaker 1: startups and a lot of big tech firms look at

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Speaker 1: the utilities first, because power isn't a lot more strained

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Speaker 1: from just general market circumstances renewables, etcetera. But regulation has

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Speaker 1: really been a stimy. I mean in the US, utilities

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Speaker 1: can't pay for cloud computing and rate bas it. By that,

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Speaker 1: I mean they can't make a return on the investment.

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Speaker 1: If they buy their own data center and build it themselves,

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Speaker 1: they can make your return on that super expensive to

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Speaker 1: them to do and also why would they hire people

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Speaker 1: to do that, It's just not their business. If they

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Speaker 1: buy um computing capacity from Microsoft, they don't get any

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Speaker 1: return on that. They can do it obviously, but for

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Speaker 1: their ahold is it's not a good investment. The same

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Speaker 1: with working with some startups on software. They can't rebase

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Speaker 1: any software and that's been they say, that's been a

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Speaker 1: big barrier. There is some we actually wade about this

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Speaker 1: last year. There are some states looking at trying to

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Speaker 1: change that in the US, but oil companies aren't really

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Speaker 1: hindered by regulation in that sense, they completely. I would

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Speaker 1: love to talk about policy because some of the stuff

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Speaker 1: that Hannah's found out in a report is really interesting

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Speaker 1: about how policy has been a driver for innovation in oil,

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Speaker 1: not on the regulation side or actually on the regulation side,

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Speaker 1: I guess at that Quanore, but but especially thinking about China,

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Speaker 1: for instance, can you share a little bit about kind

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Speaker 1: of what Cinepex doing and how Chinese policy has really

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Speaker 1: impacted their strategy. Sure, so in China the government is

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Speaker 1: very interested in industrial technology and using some of the

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Speaker 1: technologies like AI that it's developed in other domains and

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Speaker 1: making sure that spreads to some of its valuable businesses.

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Speaker 1: So CINEPEC has act really partnered with Huawei in China

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Speaker 1: to develop a manufacturing platform and in industrial Internet of

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Speaker 1: things based manufacturing platform, and it hopes to sell that

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Speaker 1: platform to other manufacturing industries, so like refining, which is

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Speaker 1: cinepex main business, but other manufacturers as well in order

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Speaker 1: to spread that technology. So China actually identifies market leaders

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Speaker 1: in specific industries and mandates that they developed this technology

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Speaker 1: that that then they can disseminate to other other companies,

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Speaker 1: including their competitors. Do you see that elsewhere? Is it

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Speaker 1: just China? Well so, so I mentioned Equino earlier in

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Speaker 1: a way that the government in Norway has also been

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Speaker 1: pushing a little bit around environmental regulation, pushing UM Equino

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Speaker 1: to begin to think about sharing and its data or

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Speaker 1: publishing its data. So I could not actually dumped basically

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Speaker 1: on the Internet every single data point it has from

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Speaker 1: its fields in a way that people can use UM

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Speaker 1: and then and build this IoT platform. And I think

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Speaker 1: regulation played a part there, and they are beginning well

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Speaker 1: I don't know, I mean we think they will begin

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Speaker 1: to try and push pays to share too and to

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Speaker 1: maybe even use that platform. That's it's not entirely clear

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Speaker 1: what their strategy is there, but it sounds like that

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Speaker 1: could be something that is regulation driven. And definitely the

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Speaker 1: point on data sharing is really important because oil companies

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Speaker 1: have kept their data very, very close to the core

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Speaker 1: of their business for a long time. UM as I mentioned,

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Speaker 1: it's very valuable, but there's an increased awareness that actually

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Speaker 1: sharing data across different different companies or uh different fields

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Speaker 1: might actually illuminate more patterns and really enable more efficiency

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Speaker 1: when you're doing something like drilling in the North Sea.

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Speaker 1: So if you have data from equanor and and Shell

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Speaker 1: on their experience drilling and producing oil, there UM being

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Speaker 1: able to integrate that and then UM use that data

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Speaker 1: to build your own rolls of what the subsurface looks

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Speaker 1: like or what production conditions look like. That's very valuable

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Speaker 1: and Equinoar definitely has been on the forefront of opening

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Speaker 1: its its field data up to the public and to

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Speaker 1: researchers and to its competitors, even UM and I think

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Speaker 1: we expect that that will continue, that there will be

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Speaker 1: data exchanges and more shared use of technology, both data

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Speaker 1: and algorithms in the future future wind future, this year,

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Speaker 1: next year, five years. First the oil companies need to

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Speaker 1: organize their data. Maybe maybe five years's it. There's an

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Speaker 1: interesting trend that's a bit utilities and oil companies are

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Speaker 1: similar in a way, and often they react to market conditions.

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Speaker 1: And what we've seen in utilities is the most forward.

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Speaker 1: The utilities around digitalization are your n ls n g

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Speaker 1: s who are in Europe. They have a lot of solo,

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Speaker 1: a lot of wind, a lot of customer chain, rooftop

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Speaker 1: solar things and regulation and they're the ones that are

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Speaker 1: really saying we have to do this tech because if

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Speaker 1: we don't kind of screwed. And with oil we've seen

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Speaker 1: like the shale revolution in the US and a huge

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Speaker 1: rush of small companies that are pretty interesting UM oil

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Speaker 1: companies moving into Texas for instance, and being to think,

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Speaker 1: how do we get shale out of the ground quicker.

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Speaker 1: The amazing technology revolution in the last twenty odd years

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Speaker 1: or fifteen years has been the shale revolution. And what

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Speaker 1: we've seen is digital technologies be adopted by those companies

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Speaker 1: first excellent, slow moving big company. They're adopting cloud computing

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Speaker 1: in Microsoft, but in their shale fields particularly. So there's

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Speaker 1: some companies who are doing more revolutionary stuff around tech

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Speaker 1: in the areas that need it most, which is shale

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Speaker 1: right now. UM And to Hannah's point there, I think

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Speaker 1: we're going to see data sharing their first We're already

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Speaker 1: beginning to see companies, small companies trying to get data

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Speaker 1: shared across shale fields, trying to use me blockchain or

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Speaker 1: some form of distributed ledger to help companies securely upload data,

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Speaker 1: to sell data, to have this platform and this environment

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Speaker 1: that for now may only be in Texas because that's

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Speaker 1: where it's needed, because all these wells, they just need

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Speaker 1: to share so much data what's going on because it's confusing.

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Speaker 1: Everyone is different. There's no conventional understanding geoscientist when we

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Speaker 1: work there. And that's really interesting. So I think, yes, now,

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Speaker 1: data sharing for maybe areas that need it, but areas

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Speaker 1: where like where Equino is or in the Gulf Mexico,

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Speaker 1: or and then somewhere else whereas one company owns the

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Speaker 1: entire mileage, maybe not so much. And and a key

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Speaker 1: follow to that is that greenfield projects will inherently have

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Speaker 1: more technology and the most updated sensors and communication gateways

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Speaker 1: built in. And so we see that green field projects

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Speaker 1: are often equipped with a lot more data gathering capability

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Speaker 1: than you know, the cost of retrofitting an oil rig

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Speaker 1: with sensors and and communication networks, it's very expensive. So

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Speaker 1: we definitely expect that the digital technology will follow the

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Speaker 1: process and more hardware technology that Claire was mentioning, especially

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Speaker 1: around shale. What is the one thing that you'd like

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Speaker 1: readers to take away from this report. I think for

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Speaker 1: oil majors, digital is no longer a function that's just

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Speaker 1: shoved away into the I T business groups, that it's

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Speaker 1: become of a huge strategic priority for executives at these

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Speaker 1: oil companies to make sure that technology is spreading from

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Speaker 1: their upstream through their downstream operations, that they're able to

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Speaker 1: integrate these pilot projects and proof of concept projects that

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Speaker 1: they have developed over the last several years and able

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Speaker 1: to integrate that into a larger enterprise wide strategy. So

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Speaker 1: we see a lot of companies that are partnering with

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Speaker 1: cloud company or cloud computing companies in order to achieve that,

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Speaker 1: But we also see a lot of internal reorganization around

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Speaker 1: around the digital topic. Do you feel like this is

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Speaker 1: defensive or offensive to keep up with the times already

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Speaker 1: get ahead of the curve depends on the company that

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Speaker 1: you're talking about. There's certainly certainly companies like Equinoor and

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Speaker 1: VP are using this as a way to um really

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Speaker 1: get ahead of their peers UM and then you see

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Speaker 1: other companies who are, although maybe a little bit more

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Speaker 1: cautious with the technologies that they're adopting, not looking quite

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Speaker 1: as far in the future and adopting more mature technologies.

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Speaker 1: We see those companies as trying to keep up with

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Speaker 1: their their peers and adopt what's available today instead of

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Speaker 1: thinking further down the line. What I would say is,

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Speaker 1: please read this report. Whoever is listening to this, who

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Speaker 1: has been a subscription, It's really cool. There's an amazing UM.

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Speaker 1: But with something we're trying out as a team is

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Speaker 1: to think about how you UM judge company strategy. The

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Speaker 1: key takeaway from me if this report is every oil

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Speaker 1: company is different. Personality of the oil company matters massively.

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Speaker 1: They're very top down managed, so personality of the CEO

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Speaker 1: for instances as small a thing as that could truly

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Speaker 1: direct the way a company goes. You've seen that with

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Speaker 1: BP and x ON through the years. This report quantifies

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Speaker 1: and in a way the strategy of every company and

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Speaker 1: shows that every oil company could go about things entirely

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Speaker 1: differently and it's still not be the wrong way. They

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Speaker 1: could entirely outsource everything and it could be great or

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Speaker 1: they could insource everything. How a ton of dy to

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Speaker 1: scientists build out entire new apps and technologies and actually

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Speaker 1: lose their way, or that all could be great. I mean,

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Speaker 1: so the way we've tried to build this is a

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Speaker 1: strategy mapper tool kind of helps readers see where each

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Speaker 1: of these majors are and where they could go. And

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Speaker 1: we we stopped short of giving advice, but I think

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Speaker 1: it's a really nice way of trying to illustrate how

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Speaker 1: personality makes a difference. Anna Claire, thanks for joining us.

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Speaker 1: That was really fun. Thanks for having us fun. Thanks.

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