It’s not news that the global energy sector is facing its biggest challenge in recent history, driven by simultaneous demand and supply shocks that have yielded rapid fluctuations in price. Leaders in the energy industry, regardless of the company’s size or position in the value chain, must decide how best to balance uncertainties on the supply side with the constantly changing demands of a growing global population.
The natural tendency for leaders may be to respond as they did to a previous energy demand or supply shock crisis, because those approaches are tried and tested. But the future is unlikely to be a continuation of the past. The time is ripe for innovation and transformation, rather than a minor reset. We strongly believe that this transformation must be a digital one.
Digital transformation is already speeding up
Over the past year, we have seen the industry react traditionally with cost reductions, but also in previously unimagined ways, speeding up years of experimentation with new services and business models. These tactics have ranged from adopting business continuity tools overnight to embracing novel, highly scalable collaboration tools across enterprises without a hitch. Companies that apply these new insights and ways of working for the long term will create competitive differentiation, a point underscored by the CEOs of many integrated oil and gas, exploration and production, and oil field services companies. Their reports make it clear that the current energy crisis has accelerated the adoption of digital technologies by the industry to increase safety, drive efficiency, and lower costs.
We have the opportunity to build a stronger future
Despite major investments over the years in IT infrastructure, equipment, and operational technology, many industry processes remain manual, disconnected, and inefficient. Data is siloed. Simulations are lengthy. Applications and infrastructure are legacy-based. Performing risk assessments, asset integrity inspections, and tracking safety incidents are costly and time consuming.
Energy industry leaders now have the chance to create a strong foundation, not just to meet immediate challenges, but also to instill strength and flexibility that will allow their businesses to grow and adapt to whatever the future may bring.
Rather than thinking about their future just once a year, contemporary companies should be constantly modeling different scenarios based on optimizing their own assets and resources, such as wells, reservoirs, and production systems, in near real time. Regular, dynamic planning based on real-time data, including nontraditional information such as social media trends and sentiment analysis, allows companies to better respond to volatility in the market, which is likely to continue into the foreseeable future.
The sector should keep an eye on new technologies that can realize innovative but previously impractical ideas. For example, a decade ago, futurists first talked about self-optimizing oil fields, which use sensors to record, analyze, and regulate information to and from individual wells and production systems in remote locations. Today that blue-sky thinking has become reality, allowing energy companies to increase efficiency, return on investment, and worker safety.
Reshaping business models
Leaders must recognize that digital technology will shape the form of the company’s future, at the same time the company’s future will shape the form of the digital transformation. New technologies have redefined the energy ecosystem, democratizing access and allowing participants to move away from costly, complicated, and time-consuming procurement processes toward Software as a Service (SaaS) offerings. Shifting operations to the cloud can cut costs and improve efficiency, data capture, decision-making, and modeling.
For example, analytics tools for production monitoring and optimization of wells can now be offered to energy companies instantaneously, driving immediate insights and impact without compromising security. Similarly, energy companies can have instantaneous access to new (micro-) services allowing them to compare and contrast their own proprietary models with state-of-the-art models. A one million core full waveform inversion (FWI) modeling in the upstream domain is a pointer click away on a pay-as-you-go model, without the need to exchange large volumes of data.
The way forward
We are optimistic about the future of the industry. It has a long history of innovating in order to address the ever-growing demand for energy in a responsible way. But it will require a change in leadership, behavior, and attitude to embrace digital transformation. The companies that survive this energy crisis will be the ones that can quickly change existing paradigms and spur the acceleration that will propel the industry forward. It’s time to reset, recalibrate, and boldly face the future with creativity and innovation.
AWS Energy
As the world’s population continues to grow, so does the world’s energy consumption. To meet these growing energy needs, Amazon Web Services (AWS) provides energy companies the foundation to transform complex business and operational systems while accelerating the transition to a more sustainable energy future. AWS delivers the broadest and deepest cloud offering and industry solutions for energy companies to transform legacy operations, helping organizations reduce their carbon intensity and accelerate the development of innovative renewable energy businesses and business models. Transform the core and build the future of your energy business.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Porsche Taycan Turbo specs
Engine: Two permanent-magnet synchronous AC motors
Transmission: two-speed
Power: 671hp
Torque: 1050Nm
Range: 450km
Price: Dh601,800
On sale: now
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
THE SPECS
Engine: 3.6-litre V6
Transmission: eight-speed automatic
Power: 285bhp
Torque: 353Nm
Price: TBA
On sale: Q2, 2020
Killing of Qassem Suleimani
Emiratisation at work
Emiratisation was introduced in the UAE more than 10 years ago
It aims to boost the number of citizens in the workforce particularly in the private sector.
Growing the number of Emiratis in the workplace will help the UAE reduce dependence on overseas workers
The Cabinet in December last year, approved a national fund for Emirati jobseekers and guaranteed citizens working in the private sector a comparable pension
President Sheikh Khalifa has described Emiratisation as “a true measure for success”.
During the UAE’s 48th National Day, Sheikh Khalifa named education, entrepreneurship, Emiratisation and space travel among cornerstones of national development
More than 80 per cent of Emiratis work in the federal or local government as per 2017 statistics
The Emiratisation programme includes the creation of 20,000 new jobs for UAE citizens
UAE citizens will be given priority in managerial positions in the government sphere
The purpose is to raise the contribution of UAE nationals in the job market and create a diverse workforce of citizens
Scoreline
Liverpool 4
Oxlade-Chamberlain 9', Firmino 59', Mane 61', Salah 68'
Manchester City 3
Sane 40', Bernardo Silva 84', Gundogan 90' 1
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The five pillars of Islam
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UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
