As at 2008, global O&G revenues are approximately $850m per annum and are forecast to remain relatively static over the next few years. Within that our OCA and GP account revenues which are predominately IOC driven are declining significantly whilst our core and SGM revenues are growing healthily. However, our revenue from NOCs is less than 10%.
Our global client portfolio of OCAs and GPs reflects the industry dynamics of five years ago and needs to be significantly realigned to reflect the dynamics of today.
Don’t waste time! Our writers will create an original "EY’s O&G Business Today" essay for you whith a 15% discount.Create order
Our service portfolio provides a solid foundation but considerable scope exists to provide more industry content-rich specific services to our clients and to develop new services and extend others to support new trends in the global oil industry.
Currently our main people capability to support the oil industry lies in Western Europe and North America with smaller pockets in areas such as the Middle East, Russia and Australia. It is clear that our capability to develop new business and deliver the resulting O&G services needs to be significantly enhanced in the newly emerged economies.
Worryingly this lack of strength and depth in our oil industry service capability in the newly emerged economies is leaving the firm exposed to potentially significant service failures, subsequent client loss and litigation.
The Oil and Gas industry came into being in the late 1800’s and over the last century has seen several structural changes and important transformations. One of most important of these changes took place in the early part of the 20th century and was the breakup of Standard Oil in the U.S. which led to the growth of large, globalized “oil majors” which had headquarters all over the world. The ever changing and evolving business environment has led to increasing amount of consolidation and merger activity in recent decades giving rise to a handful of supermajors. There has been widespread nationalization of oil assets, primarily in Arab nations, former communist countries and also developing economies. This process of nationalization has led to the creation of a new breed of National Oil Companies (NOC’s) that in many cases have grown to become far larger than the largest of their private sector counterparts.
Modern economies are driven by oil and gas and issues relating to the industry have become of increasing importance for all nations. The Oil & Gas Industry is undergoing its most fundamental change since its formation in the first half of the 20th century, with a major shift in power from the International Oil Companies (IOCs) such as Exxon Mobil, Shell and BP to the National Oil Companies (NOCs) such as Saudi Aramco,
We will send an essay sample to you in 2 Hours. If you need help faster you can always use our custom writing service.Get help with my paper