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AFRICA ’ S OIL AND GAS INDUSTRY NEEDS TO EMBRACE DIGITAL OILFIELDS
With declining capital expenditures , increasing demands for decarbonisation , and pressing need for operational efficiency , the upstream oil and gas sector faces a complex conundrum . How can it meet rising global energy demands , maintain shareholder returns , and invest in the future ? Dr Hatem Nasr at SoftServe explains the way forward .
The oil and gas industry ’ s past is rich with technological breakthroughs , from 3D seismic imaging to hydraulic fracturing . However , these innovations took decades to achieve widespread adoption . The same potential exists today with digital and AI technologies , but time is of the essence .
The current investment model , focused on shareholder returns and cautious spending , must evolve . Global players like Saudi Aramco warn that underinvestment jeopardises the industry ’ s ability to meet future demand . While some experts argue that efficiency gains can sustain production , the risk of plateauing efficiency underscores the need for increased investment in transformative technologies . The financial strategy of the future must balance immediate returns with long-term innovation .
The financial strategy of the future must balance immediate returns with long-term innovation .
Companies must shift from proof-of-concept projects to full-scale implementations to realise their transformative potential . The lessons of past successes underscore the importance of sustained investment and a long-term vision .
By focusing on sustainable practices , advanced technology , and collaborative efforts , the upstream oil and gas sector can overcome existing barriers and create a resilient future . This approach not only ensures operational excellence but also aligns with
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