Speaker 1: Hi, everybody. So a few months ago, I was in
Speaker 1: a class at my gym and a friend of mine
Speaker 1: comes up to me and says, Hey, have you heard
Speaker 1: a BP launch Pad? I'm getting recruited by them. I hadn't,
Speaker 1: so I texted another friend of mine who works at
Speaker 1: BP to find out if he'd heard about it. No, nothing, anyway.
Speaker 1: Fast forward three months later, BP launch Pad has made
Speaker 1: its debut and is billing itself as a quote scale
Speaker 1: up factory, taking innovations made in BP, putting them in
Speaker 1: this incubator to become standalone businesses and or business units
Speaker 1: of BP. The first to come out of launch Pad
Speaker 1: is a business called LIT that's l y t t.
Speaker 1: Apparently LIT stands for listening Norwegian. They describe it as
Speaker 1: sort of a Shazam for boreholes, listening down the well
Speaker 1: to identify conditions and potential problems. The strategy of going
Speaker 1: after technologies to optimize operations is not unique to b P.
Speaker 1: It's definitely not alone in this. Most, if not all,
Speaker 1: oil majors are going all in on digital technologies to
Speaker 1: optimize operations and keep costs down. Exactly where they focus
Speaker 1: their attention and strategy seems to be influenced by the
Speaker 1: personalities of the companies them else or at least the
Speaker 1: exacts in the companies. What do I mean by that? Well,
Speaker 1: we brought in two BENF analysts to help us unpack that.
Speaker 1: We've got Claire Curry, who leads benfs coverage of all
Speaker 1: things digital, along with Hannah Davenroy, who wrote the report
Speaker 1: we're gonna talk about today, Digitalization Strategies of Oil Majors,
Speaker 1: published on June nineteen. BEANEF clients can find this report
Speaker 1: by a quick search on benf dot com, the BENF
Speaker 1: Mobile app, or benf Go on terminal. Please note that
Speaker 1: BENF does not provide investment or strategy advice, and you
Speaker 1: can hear the full disclaimer at the end of the show.
Speaker 1: I'm Mark Taylor, head of product for BENF, and you're
Speaker 1: listening to switch down the BENF podcast. Claire, Hannah, Welcome, Hi,
Speaker 1: Hi Mark, thanks for coming in. Thanks so much for
Speaker 1: having us today. When I was reading this, I was
Speaker 1: thinking why, you know, like, why does an oil company
Speaker 1: want to be a tech company? Should we just start there? Hannah?
Speaker 1: How about you sure we can start there? I think
Speaker 1: oil companies are seeing the value of digital technologies in
Speaker 1: spaces like consumer but there's a lot of disruption to
Speaker 1: their core business also, So you see oil companies diversifying
Speaker 1: into the power sector, and you see them wanting to
Speaker 1: shrink their cost of operating their core business. And one
Speaker 1: way that they're achieving this efficiency is by applying digital
Speaker 1: technologies to track data across their business operations. So an
Speaker 1: oil company will see places for improvement in in their
Speaker 1: business and think that the collection of data through sensors,
Speaker 1: through comms networks, and through large aggregating platforms like cloud
Speaker 1: computing will actually enable them to make better business decisions
Speaker 1: about how to allocate their capital and how to better
Speaker 1: manage their their operating costs. Does it seem like it's working.
Speaker 1: It's hard to say. I think oil companies are very
Speaker 1: much in the early stage of scaling digital projects from
Speaker 1: proof of concept or pilot projects to their operations across
Speaker 1: their enterprise um and I can't imagine it's a clean transition. No,
Speaker 1: especially since you have to remember that oil majors have
Speaker 1: hundreds of thousands of employees across many many countries, and
Speaker 1: so coordinating these efforts on a culture level as well
Speaker 1: as sort of a business organization level, it's quite difficult.
Speaker 1: So we see a lot of oil companies that are
Speaker 1: actually setting up new departments and teams both within their
Speaker 1: core business but also in their venture capital arms to
Speaker 1: encourage collaboration on this on on these digital technology projects
Speaker 1: UM across different types of their their their employee groups.
Speaker 1: Is this more of a venture play for these oil
Speaker 1: companies now or is it part of their core strategy.
Speaker 1: It's very much part of their core strategy. We check
Speaker 1: how oil companies make their their venture investments, and in
Speaker 1: a lot of cases, especially with the European oil majors
Speaker 1: like BP and Shell, a lot of their focus has
Speaker 1: been on on diversifying into power assets. While they do
Speaker 1: make pretty substantial investments into digital startups, it seems like
Speaker 1: this is often to access the technology UM for for
Speaker 1: pilot projects and then how up these businesses have access
Speaker 1: to the domain knowledge, the oil assets, how the business
Speaker 1: operates UM in order to give them a better understanding
Speaker 1: of the industry. Innovation is really hard. You look at
Speaker 1: Google right innovative tech company. They really struggle to spin
Speaker 1: out startups and spin out new technologies that really work.
Speaker 1: They've had a series of very public failures of just
Speaker 1: getting innovation and new tech right you think about like
Speaker 1: X on VP Shell they have hundreds of thousand employees
Speaker 1: are often lifers. Oil companies are very siloed, so you
Speaker 1: have the I T team does it T the guys
Speaker 1: on the oil rigs or on oil rig for a
Speaker 1: month they don't speak. And what companies that Hannah has
Speaker 1: been writing about, like Equanore so in Um kind of
Speaker 1: the North Sea, have been trying to get those guys
Speaker 1: on the oil rig to become I people. And they're
Speaker 1: doing sprints, They're doing scrums, are things that like your
Speaker 1: product team knows well. They're beginning to spin out apps
Speaker 1: to put onto this cloud platform they've built, and it's
Speaker 1: the operations guys doing it, and I T is kind
Speaker 1: of beginning talk to them and support them. So it's
Speaker 1: actually really cool. It sounds slow and it's hard to
Speaker 1: measure benefits, but these are companies that are the biggest
Speaker 1: in the world, often the slowest, most old fashioned, and
Speaker 1: they're actually doing some really interesting innovative things. It's got
Speaker 1: to be so hard. It's got to be so hard,
Speaker 1: because I find communication and getting adoption of new tech
Speaker 1: just in our small area of Bloomberg is hard. I
Speaker 1: can't imagine it could be any type of easy on oil,
Speaker 1: you know, with all these guys on the oil rig,
Speaker 1: especially because they have legacy systems. Right some oil majors
Speaker 1: will leave unnamed, you know, have one or two partners
Speaker 1: they do everything with. And these traditional enterprise software companies
Speaker 1: are not innovating around digitalization IoT AI, and so if
Speaker 1: you're a big oil major, what do you do? You
Speaker 1: have this multimillion dollar contract with a big RP company
Speaker 1: that served you well, but they're not doing what you
Speaker 1: want to do? Do you rip them out? If you
Speaker 1: do that, that's huge. I don't know how you do that.
Speaker 1: I don't know how a company really changes so significantly
Speaker 1: their partnerships, which is kind of what some of these
Speaker 1: guys are thinking about doing a slow breakup I know, yeah,
Speaker 1: and hiring to write I mean then they no one's
Speaker 1: doing this. How many companies are trying to hire a
Speaker 1: data scientists right now? If your data scientists you want
Speaker 1: to like a Google or Exon in Texas, well, that's
Speaker 1: like different. Maybe that's an easy joy to make, but
Speaker 1: it means that it's hard to hire the right people,
Speaker 1: the right talent. I think that these oil majors struggle too,
Speaker 1: is making sure that they are retaining the technology and
Speaker 1: talent in house. So you hire people that that may
Speaker 1: eventually leave, but you want to make sure that the
Speaker 1: people who are working on these projects will be able
Speaker 1: to sustain the scaling of the technology to completion. So,
Speaker 1: for example, BP, as Claire mentioned, has an interesting approach
Speaker 1: to this. They have set up an internal business group
Speaker 1: called BP launch Pad and BP Launch Pads entire goal
Speaker 1: is to hire small teams both externally and internally, to
Speaker 1: take promising technology and scale it across the company, as
Speaker 1: well as start to commercialize this technology and sell it
Speaker 1: to its years. Which is an interesting approach because you
Speaker 1: see oil companies that are very protective of their intellectual
Speaker 1: property and of the data that they collect and what
Speaker 1: they end up doing with that data. Obviously, if you
Speaker 1: are able to achieve big efficiency games through these digital projects,
Speaker 1: that is very valuable to your business and you might
Speaker 1: not want to share that with your peers. But we
Speaker 1: also see that commercializing technology is a way to scale
Speaker 1: it across across the business. So is their goal in
Speaker 1: sharing with their peers getting better data to make their
Speaker 1: themselves more efficient or is it just simply a revenue
Speaker 1: stream a lot of its um marketing incomes. I think
Speaker 1: maybe this is be being cynical. I think a lot
Speaker 1: of this stuff is if you're a big oil major,
Speaker 1: there's a lot of disruption. As Hannah said, you're dealing
Speaker 1: with that. He might go into power. You're dealing with it.
Speaker 1: Maybe the threat of electric vehicles with regulation emissions and
Speaker 1: so forth. A lot of the really big companies. I
Speaker 1: think you're thinking about it like this is great pr
Speaker 1: We are doing something new, innovative. We're using AI. Every
Speaker 1: partnership we announced with Google gets tons of hits. We
Speaker 1: love talking about this at conferences. Our CEO now can
Speaker 1: go and talk about this new thing we're doing, and
Speaker 1: it gives us a view of it just makes people
Speaker 1: feel like we're the reasonally new and even innovative, and
Speaker 1: if it helps to reduce safety concerns, right, which a
Speaker 1: lot of this stuff is about safety of the minimum
Speaker 1: and who work for them. A lot of it's about
Speaker 1: CEO two emissions and tracking that better. It's about completing
Speaker 1: wells faster, which is an environmental bonus. So that's my
Speaker 1: cynical opinion. I think Hannah would probably a bit more
Speaker 1: positive about their views, but I think I mean, I
Speaker 1: guess you wrote about it. Well, it sounds to me
Speaker 1: like it's also definitely revenue streams, maybe marketing within paer
Speaker 1: groups in a way to engage more with customers who
Speaker 1: are using your downstream products. So we see a lot
Speaker 1: of the outward facing technology that oil majors are developing
Speaker 1: in the form of mobile apps that allow them to
Speaker 1: communicate better with their customers, to track retail sales at
Speaker 1: their at their petrol stations, um and that type of
Speaker 1: data collection and point of communicytion with their customers is
Speaker 1: something that they see as as very valuable both consumers
Speaker 1: like you or I who would drive the drive our
Speaker 1: cars to a gas station me neither actually, or they're
Speaker 1: they're larger commercial customers, like in like in maritime applications.
Speaker 1: So another example of this is Shell has recently spun
Speaker 1: out an application for its maritime customers called Acuport that
Speaker 1: forecasts lubricant needs for ships entering and exiting ports so
Speaker 1: that they can better better organize their supply chain to
Speaker 1: meet the needs of their customers. Where the customers are
Speaker 1: and when they need that lubricant, so'll be waiting for
Speaker 1: them when they when they dock exactly pretty cool. So
Speaker 1: if the oil companies can become tech companies, why is
Speaker 1: this not spreading into other areas like utilities, which sort
Speaker 1: of put that out. I think my gut is utilities
Speaker 1: days themselves tech fans. I mean Portugaist the oil sector.
Speaker 1: The oil companies were technology companies in sort of about
Speaker 1: a decade ago. Due to I am Gen oil press
Speaker 1: crashes and consolidation, a lot of them basically said, okay,
Speaker 1: we're not going to own a tech we just want
Speaker 1: Baker Hughes or Haliber not Smerdy to own this for us.
Speaker 1: So now a lot of them actually really they own
Speaker 1: the oil field and they have employees and they kind
Speaker 1: of have the name of whatever it is. But actually
Speaker 1: the technology of the exploration and the digging up of
Speaker 1: the commodity is actually on the oil field services companies.
Speaker 1: So I think a lot of these big oil majors
Speaker 1: still see them all as tech firms because they were historically,
Speaker 1: and they're now not so much. They're more asset owners
Speaker 1: now and traders. I mean Shell. Most of Shell's business
Speaker 1: is now selling stuff. It's not exploring. It's not any technology.
Speaker 1: It's really transporting it to a gas station or selling
Speaker 1: to shipping companies, and so they see those tech firms.
Speaker 1: A lot of them I think have doted scientists anyway,
Speaker 1: because they still like the idea of doing kind of
Speaker 1: geoscience are stuff. Utilities are small at businesses. If your
Speaker 1: utility that has twenty thousand employees, you're not gonna as
Speaker 1: opposed to a hundred thousand employees, You're probably not going
Speaker 1: to be thinking about this. Also, utilities outsourced so much.
Speaker 1: I mean, they really don't mean I don't want to
Speaker 1: diss them. They I don't think really like a grid
Speaker 1: owner necessarily knows as much as like a Schneider Electric
Speaker 1: might do about their grid. And I'll give a little
Speaker 1: bit of a different perspective. I think oil companies also
Speaker 1: have experience working with multiple partners at the same time.
Speaker 1: So if you're doing an offshore project, you might have
Speaker 1: fifty to a hundred different companies that are working with
Speaker 1: you on the execution of that project, everything from food
Speaker 1: services to the technology firm that's providing your underwater vehicle services.
Speaker 1: But I think organizing all of these companies to orchestrate
Speaker 1: a large project is something that oil companies have a
Speaker 1: big advantage here, and and utilities may catch up in
Speaker 1: this project organization and relationship organization, especially with lots of
Speaker 1: small startup vendors, but oil companies have had the advantage
Speaker 1: there for for a long time. At what point do
Speaker 1: oil companies by the startup that they're working with or
Speaker 1: how often does that happen, or do they leave them
Speaker 1: as vendors or we haven't seen that. Match Shell has
Speaker 1: brought up a couple of like distribut entity companies on
Speaker 1: the power side, But with tech and oil, it's kind
Speaker 1: of interesting. I think a lot of oil startups are
Speaker 1: very specific, so they're not doing general AI. They're doing
Speaker 1: AI on this one thing that tends to fail on
Speaker 1: offshore rigs in the Gulf of Mexico. UM. So, as
Speaker 1: Hannah was saying, a lot of oil companies are very
Speaker 1: a lot of oil service providers a very specialist. So
Speaker 1: if you are opening up a new well in West Texas,
Speaker 1: you know who to go to for each of the things.
Speaker 1: There's no one guy that's going to do everything for you.
Speaker 1: I think it seems to be similar with startups. So
Speaker 1: BP might work with Kelvin AI, for instance, on a
Speaker 1: particular field UM that's interesting for them to do AI.
Speaker 1: Put it to maintenance on they might never work with
Speaker 1: them again because a lot of the fields are somewhere else.
Speaker 1: I know if there's a regional play to it too.
Speaker 1: I also don't think the vcs oil companies go for
Speaker 1: acquisition necessarily. But do you have a different view on
Speaker 1: the Hannah, No, I think you're right that that's not
Speaker 1: something we see a lot of companies have focused a
Speaker 1: lot on building out incubation centers for startups that they
Speaker 1: find promising, but often that's to access their technology, not
Speaker 1: um as a separate company, not to not to acquire them,
Speaker 1: I think is what we've seen. Let's go back to
Speaker 1: the PR for a second. So abus, Microsoft is your
Speaker 1: Google cloud, right, they're building themselves as green you know,
Speaker 1: moving us into the future, powering their data centers with
Speaker 1: wind and solar. Yet they are helping on these oil
Speaker 1: companies pump more oil. So is there is there cred intact? Yeah,
Speaker 1: this is a great question because we're actually been having
Speaker 1: some conversations with some some clients about this who want
Speaker 1: to know how much, Yeah, how much is what they're
Speaker 1: doing greenwash and ifs or Microsoft really wants to push
Speaker 1: into renewables force for powering their data centers. But they're
Speaker 1: using the data centers, which is that cloud computing to
Speaker 1: help find more oil, Like, what is what is going
Speaker 1: on there? And how are they commune? Not in a
Speaker 1: PR way, they're not we actually, I mean kind I
Speaker 1: share with me an article a month or two ago.
Speaker 1: Now that kind of slamming aws because at their big
Speaker 1: conferences they say oil is our major target as an
Speaker 1: industry now moving away from consumer we kind of got
Speaker 1: consumering retail down. They're a huge market share owner. I
Speaker 1: want to move into industry. Oil makes sense for us.
Speaker 1: This is what we're going to pursue. Their hiring in
Speaker 1: the head of Google Cloud for energy as an x
Speaker 1: BP guy. They're hiring people from industry, but yet you
Speaker 1: don't see that much in their coms and PR. You
Speaker 1: see a lot of the stuff around renewables procurement. Yes,
Speaker 1: they're they're also a many headed company who can believe
Speaker 1: a lot of things at the same time. And that's
Speaker 1: probably okay. Everyone's like that. Um, I don't know, what
Speaker 1: do you think? King of Oil companies have had some
Speaker 1: of the largest supercomputers commercially in the world for years
Speaker 1: and years and years. So this is the compute power
Speaker 1: that they require, and the and the data storage if
Speaker 1: they require, especially for the seismic exploration data that they acquire,
Speaker 1: is the need to very large. So this is I
Speaker 1: think cloud computing will be the way that these companies
Speaker 1: fill that need eventually and are moving in that direction.
Speaker 1: And quite frankly, if aws, Microsoft and Google don't serve
Speaker 1: these industries, someone else will. And because of the amount
Speaker 1: of data that they need and the compute powever they need,
Speaker 1: it's a very large opportunity for for these cloud computing companies.
Speaker 1: And actually they found power pretty hard. A lot of
Speaker 1: startups and a lot of big tech firms look at
Speaker 1: the utilities first, because power isn't a lot more strained
Speaker 1: from just general market circumstances renewables, etcetera. But regulation has
Speaker 1: really been a stimy. I mean in the US, utilities
Speaker 1: can't pay for cloud computing and rate bas it. By that,
Speaker 1: I mean they can't make a return on the investment.
Speaker 1: If they buy their own data center and build it themselves,
Speaker 1: they can make your return on that super expensive to
Speaker 1: them to do and also why would they hire people
Speaker 1: to do that, It's just not their business. If they
Speaker 1: buy um computing capacity from Microsoft, they don't get any
Speaker 1: return on that. They can do it obviously, but for
Speaker 1: their ahold is it's not a good investment. The same
Speaker 1: with working with some startups on software. They can't rebase
Speaker 1: any software and that's been they say, that's been a
Speaker 1: big barrier. There is some we actually wade about this
Speaker 1: last year. There are some states looking at trying to
Speaker 1: change that in the US, but oil companies aren't really
Speaker 1: hindered by regulation in that sense, they completely. I would
Speaker 1: love to talk about policy because some of the stuff
Speaker 1: that Hannah's found out in a report is really interesting
Speaker 1: about how policy has been a driver for innovation in oil,
Speaker 1: not on the regulation side or actually on the regulation side,
Speaker 1: I guess at that Quanore, but but especially thinking about China,
Speaker 1: for instance, can you share a little bit about kind
Speaker 1: of what Cinepex doing and how Chinese policy has really
Speaker 1: impacted their strategy. Sure, so in China the government is
Speaker 1: very interested in industrial technology and using some of the
Speaker 1: technologies like AI that it's developed in other domains and
Speaker 1: making sure that spreads to some of its valuable businesses.
Speaker 1: So CINEPEC has act really partnered with Huawei in China
Speaker 1: to develop a manufacturing platform and in industrial Internet of
Speaker 1: things based manufacturing platform, and it hopes to sell that
Speaker 1: platform to other manufacturing industries, so like refining, which is
Speaker 1: cinepex main business, but other manufacturers as well in order
Speaker 1: to spread that technology. So China actually identifies market leaders
Speaker 1: in specific industries and mandates that they developed this technology
Speaker 1: that that then they can disseminate to other other companies,
Speaker 1: including their competitors. Do you see that elsewhere? Is it
Speaker 1: just China? Well so, so I mentioned Equino earlier in
Speaker 1: a way that the government in Norway has also been
Speaker 1: pushing a little bit around environmental regulation, pushing UM Equino
Speaker 1: to begin to think about sharing and its data or
Speaker 1: publishing its data. So I could not actually dumped basically
Speaker 1: on the Internet every single data point it has from
Speaker 1: its fields in a way that people can use UM
Speaker 1: and then and build this IoT platform. And I think
Speaker 1: regulation played a part there, and they are beginning well
Speaker 1: I don't know, I mean we think they will begin
Speaker 1: to try and push pays to share too and to
Speaker 1: maybe even use that platform. That's it's not entirely clear
Speaker 1: what their strategy is there, but it sounds like that
Speaker 1: could be something that is regulation driven. And definitely the
Speaker 1: point on data sharing is really important because oil companies
Speaker 1: have kept their data very, very close to the core
Speaker 1: of their business for a long time. UM as I mentioned,
Speaker 1: it's very valuable, but there's an increased awareness that actually
Speaker 1: sharing data across different different companies or uh different fields
Speaker 1: might actually illuminate more patterns and really enable more efficiency
Speaker 1: when you're doing something like drilling in the North Sea.
Speaker 1: So if you have data from equanor and and Shell
Speaker 1: on their experience drilling and producing oil, there UM being
Speaker 1: able to integrate that and then UM use that data
Speaker 1: to build your own rolls of what the subsurface looks
Speaker 1: like or what production conditions look like. That's very valuable
Speaker 1: and Equinoar definitely has been on the forefront of opening
Speaker 1: its its field data up to the public and to
Speaker 1: researchers and to its competitors, even UM and I think
Speaker 1: we expect that that will continue, that there will be
Speaker 1: data exchanges and more shared use of technology, both data
Speaker 1: and algorithms in the future future wind future, this year,
Speaker 1: next year, five years. First the oil companies need to
Speaker 1: organize their data. Maybe maybe five years's it. There's an
Speaker 1: interesting trend that's a bit utilities and oil companies are
Speaker 1: similar in a way, and often they react to market conditions.
Speaker 1: And what we've seen in utilities is the most forward.
Speaker 1: The utilities around digitalization are your n ls n g
Speaker 1: s who are in Europe. They have a lot of solo,
Speaker 1: a lot of wind, a lot of customer chain, rooftop
Speaker 1: solar things and regulation and they're the ones that are
Speaker 1: really saying we have to do this tech because if
Speaker 1: we don't kind of screwed. And with oil we've seen
Speaker 1: like the shale revolution in the US and a huge
Speaker 1: rush of small companies that are pretty interesting UM oil
Speaker 1: companies moving into Texas for instance, and being to think,
Speaker 1: how do we get shale out of the ground quicker.
Speaker 1: The amazing technology revolution in the last twenty odd years
Speaker 1: or fifteen years has been the shale revolution. And what
Speaker 1: we've seen is digital technologies be adopted by those companies
Speaker 1: first excellent, slow moving big company. They're adopting cloud computing
Speaker 1: in Microsoft, but in their shale fields particularly. So there's
Speaker 1: some companies who are doing more revolutionary stuff around tech
Speaker 1: in the areas that need it most, which is shale
Speaker 1: right now. UM And to Hannah's point there, I think
Speaker 1: we're going to see data sharing their first We're already
Speaker 1: beginning to see companies, small companies trying to get data
Speaker 1: shared across shale fields, trying to use me blockchain or
Speaker 1: some form of distributed ledger to help companies securely upload data,
Speaker 1: to sell data, to have this platform and this environment
Speaker 1: that for now may only be in Texas because that's
Speaker 1: where it's needed, because all these wells, they just need
Speaker 1: to share so much data what's going on because it's confusing.
Speaker 1: Everyone is different. There's no conventional understanding geoscientist when we
Speaker 1: work there. And that's really interesting. So I think, yes, now,
Speaker 1: data sharing for maybe areas that need it, but areas
Speaker 1: where like where Equino is or in the Gulf Mexico,
Speaker 1: or and then somewhere else whereas one company owns the
Speaker 1: entire mileage, maybe not so much. And and a key
Speaker 1: follow to that is that greenfield projects will inherently have
Speaker 1: more technology and the most updated sensors and communication gateways
Speaker 1: built in. And so we see that green field projects
Speaker 1: are often equipped with a lot more data gathering capability
Speaker 1: than you know, the cost of retrofitting an oil rig
Speaker 1: with sensors and and communication networks, it's very expensive. So
Speaker 1: we definitely expect that the digital technology will follow the
Speaker 1: process and more hardware technology that Claire was mentioning, especially
Speaker 1: around shale. What is the one thing that you'd like
Speaker 1: readers to take away from this report. I think for
Speaker 1: oil majors, digital is no longer a function that's just
Speaker 1: shoved away into the I T business groups, that it's
Speaker 1: become of a huge strategic priority for executives at these
Speaker 1: oil companies to make sure that technology is spreading from
Speaker 1: their upstream through their downstream operations, that they're able to
Speaker 1: integrate these pilot projects and proof of concept projects that
Speaker 1: they have developed over the last several years and able
Speaker 1: to integrate that into a larger enterprise wide strategy. So
Speaker 1: we see a lot of companies that are partnering with
Speaker 1: cloud company or cloud computing companies in order to achieve that,
Speaker 1: But we also see a lot of internal reorganization around
Speaker 1: around the digital topic. Do you feel like this is
Speaker 1: defensive or offensive to keep up with the times already
Speaker 1: get ahead of the curve depends on the company that
Speaker 1: you're talking about. There's certainly certainly companies like Equinoor and
Speaker 1: VP are using this as a way to um really
Speaker 1: get ahead of their peers UM and then you see
Speaker 1: other companies who are, although maybe a little bit more
Speaker 1: cautious with the technologies that they're adopting, not looking quite
Speaker 1: as far in the future and adopting more mature technologies.
Speaker 1: We see those companies as trying to keep up with
Speaker 1: their their peers and adopt what's available today instead of
Speaker 1: thinking further down the line. What I would say is,
Speaker 1: please read this report. Whoever is listening to this, who
Speaker 1: has been a subscription, It's really cool. There's an amazing UM.
Speaker 1: But with something we're trying out as a team is
Speaker 1: to think about how you UM judge company strategy. The
Speaker 1: key takeaway from me if this report is every oil
Speaker 1: company is different. Personality of the oil company matters massively.
Speaker 1: They're very top down managed, so personality of the CEO
Speaker 1: for instances as small a thing as that could truly
Speaker 1: direct the way a company goes. You've seen that with
Speaker 1: BP and x ON through the years. This report quantifies
Speaker 1: and in a way the strategy of every company and
Speaker 1: shows that every oil company could go about things entirely
Speaker 1: differently and it's still not be the wrong way. They
Speaker 1: could entirely outsource everything and it could be great or
Speaker 1: they could insource everything. How a ton of dy to
Speaker 1: scientists build out entire new apps and technologies and actually
Speaker 1: lose their way, or that all could be great. I mean,
Speaker 1: so the way we've tried to build this is a
Speaker 1: strategy mapper tool kind of helps readers see where each
Speaker 1: of these majors are and where they could go. And
Speaker 1: we we stopped short of giving advice, but I think
Speaker 1: it's a really nice way of trying to illustrate how
Speaker 1: personality makes a difference. Anna Claire, thanks for joining us.
Speaker 1: That was really fun. Thanks for having us fun. Thanks.
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