The upstream sector covers the exploration and production of oil and gas, and the related service sectors, including oil-field services, logistics, and construction/development.
Against a backdrop of volatile oil and gas prices, high and rising development costs, the increasing heterogeneity of project portfolios, rising geopolitical tensions, and an ever more competitive landscape, industry investors are looking for the next level of performance. All players, from supermajors and majors to independents and national oil companies, are reviewing their strategies and focus; they are identifying and capturing new opportunities as they leverage innovative technologies to increase capital efficiency and access new resources. In brief, players are adapting operating models and capabilities to respond to the plethora of business challenges.
Investment in global exploration and production continues to grow, albeit at a less accelerated rate, as new hydrocarbon finds become technically more challenging to access. Hence the increasing focus on unconventional hydrocarbons. The industry remains dynamic, innovative, and responsive, as illustrated by the impact of the shale gas revolution in the U.S., which has redrawn the global energy map across multiple dimensions.
Drawing on its global capabilities and industry and functional foresight, PwC’s strategy consulting team Strategy& has proven to be effective in creating and delivering essential advantage to upstream oil and gas clients across the globe over many years. Service offerings include:
- We help clients develop and execute new strategies
- We assist clients enhance their operational readiness and effectiveness
- We work alongside clients to tackle tight labour markets, develop new skills, address discipline requirements, and build sustainable workforce strategies