Seven steps for oil and gas firms to change to survive

Call to follow the example of other industries

ment sustainable changes, but there are still many situations where short-term tactical measures to cut discretionary spend or apply familiar solutions from previous downturns are the norm.

Oil and Gas UK director Stephen Marcos Jones said: “It is essential industry acts quickly and determinedly to address its cost and efficiencies challenges.”

Making long term, structural change takes time and is not easy, but the authors have set out seven steps that could turn the tide.

The are building leadership teams; treating operations as a strategic asset; defining and building world-class capability across core competencies; boosting performance management; developing an innovation culture; encouraging sector-wide collaboration between firms and suppliers, and having a progressive regulator.”

PwC’s Gordon Colborn, said: “The seven steps have been transformational in other major industries.”

The Scottish Government has blocked fracking operations, pending further inquiries.

Ministers will carry out new work on the environmental and health implications of the controversial gas drilling technique.

Environmentalists are concerned that blasting water and chemicals at rock formations to release trapped gas can contaminate ground water and cause earth tremors.