Bill Gates once said, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.”
Future-Proofing the Oil and Gas Industry
Our keynote speaker, Amy Myers Jaffe, has spent her career focused on what change will do to the oil and gas industry in the short term and the long term. In her presentation, the former chair of the Future of Oil and Gas at the World Economic Forum (Davos) will be focusing on what companies can do today to avoid the inaction that could make them irrelevant.
What the Next 12-24 Months May Hold
We asked Jaffe what she sees coming around the corner. “You have two things happening at once,” she said. “One thing is that we’re going to be in a volatile time for oil and natural gas prices because there’s so much geopolitical risk and different countries are transitioning their strategies.” The other factor she flagged is the disruptive effect of technology. “How companies address and cope with technological change is going to influence their competitive advantage,” Jaffe explained.
On top of these market factors, there are consumer- driven shifts that Jaffe recommends that oil and gas companies watch carefully. “What we’re finding is the democratization of consumer choice,” Jaffe explained. “For retailers and other industries, there are business paradigms that looked like they would last for decades—and that’s especially true in the energy space.”
Now, Jaffe warns, consumers have more independence and choice than ever. Energy companies need to think about serving the evolving needs of new generations, even if they don’t think of themselves as players in the consumer space today.
Ann Marie Gray, VP of content at ASUG, caught up with Jaffe to get a preview of what she’ll be sharing in her keynote presentation at the 2019 Best Practices for Oil & Gas conference, “2020 and Beyond: Disruptive Technologies in the Energy Industry.”
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