Observations on the trends driving and shaping the oil and gas industry today
Welcome to the first edition of KPMG new oil and gas magazine, Drilling Down, designed to be of Interest to anyone with a connection to the Industry. We hope it will bring you valuable topical insights and promote discussion and debate around the key issues facing our sector.
The current global geopolitical tensions combined with intense uncertainty in supply chains have resulted in a rise in hydrocarbon prices, giving the industry a temporary financial break. This price environment is not all positive as it creates significant challenges as external scrutiny increases. Given this fraught environment, our view is that the industry should continue to strengthen its defenses and controls around an array of risks ranging from geopolitics to cyber and talent.
In this issue, we hone in on some of these specific risks, particularly cyber. At KPMG we believe the oil and gas industry is a principal target for cyber threats and the industry must plan for future threats. Our authors put forward detailed views on the nature of the risks confronting oil and gas and related industrial businesses and set out best practice approaches to mitigate them.
"Given this fraught environment, our view is that the industry should continue to strengthen its defenses and controls around an array of risks ranging from geopolitics to cyber and talent."
Global Head of Energy, KPMG U.S.
- The world needs energy to power economic growth well into the future. The industry has enabled substantial improvement of everyday lives.
- The lives of 40 percent of the global population can be significantly improved by having reliable access to affordable energy.
- Gas is a significantly cleaner fuel than coal, less from the point of view of carbon emissions and more from the perspective of air quality — a highly topical issue in India and China but also in Western economies.
- The oil and gas industry is focused on developing carbon capture processes and technologies to mitigate negative climate effects.
We hope that Drilling Down becomes a useful source of ideas for oil and gas professionals around the world.
Please reach out to Angie Gildea with questions or to discuss how KPMG can help your business.