Olga Gerasimchuk
PhD Researcher, INALCO, France
Latest trends in business and a drive for new solutions have inspired oil and gas companies to use an open-innovation approach, particularly where internal resources are not sufficient to overcome challenges on their own.
Crowdsourcing is a model that has shown great potential and is gaining momentum. It encourages participants, including those not linked to the oil and gas industry, to provide unique and simple solutions to problems. Some specific examples have delivered positive results through cost and time efficiencies. Companies that allow the principles of open innovation and crowdsourcing to be integrated in the business strategy, will be able to create value and reinforce their brand. A list of organizations that have successfully implemented such models and processes, among others, include Statoil (now Equinor), GE, and the Oil Spill Recovery Institute.
Despite progress observed in recent years, there is still plenty of opportunities for development and further improvement in the industry. Challenges that affect oil and gas companies due to their complex and interdisciplinary characteristics require an innovative and collaborative approach to find creative solutions. An answer to those problems could be the crowdsourcing – a concept that enables a supportive environment, favorable to the acceleration of new technologies.
Source: CDP Investor Research, 2018
References
IEA, World Energy Investment 2019 https://www.iea.org/reports/world-energy-investment- 2019/fuel-supply
McKinsey & Company, The future is now: How oil and gas companies can decarbonize, January 7, 2020 https://www.mckinsey.com/industries/oil-and-gas/our-insights/the-future-is-now-how-oil- and-gas-companies-can-decarbonize
Wood Mackenzie, Oil and gas majors in renewable energy – Hunt for the best returns, October 5, 2018 https://www.woodmac.com/news/editorial/renewable-energy-hunt-for-best-returns/