How to thrive in the transition

Weaker oil prices, new digital trends and the energy transition are redefining the business. State companies must be prepared

Crude prices below $50 a barrel are not a blip on the radar—but they continue to challenge oil and gas firms across the world. International oil companies (IOCs) and oil-field services (OFS) firms are busy restructuring to adapt to this new pricing reality. Companies like BP are aggressively changing their portfolios to favour smaller, brownfield endeavours that carry high margins, with lower risk. With a focus on cost per barrel, the industry is exploring new digital opportunities and models of collaboration. The recent establishment of Baker Hughes and GE Oil & Gas into BHGE is an example of how major OFS firms are reshaping the industry to optimise oil and gas operations across the va