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New Business Models in the Energy Sector

The ongoing energy transition is accelerating the need for energy companies to strengthen their commitment to redesigning business models and expanding portfolio strategies to meet rising demand, while hitting decarbonisation targets.

To both modernise and future-proof oil and gas operations, three new business models have been proposed. These include The Oil & Gas Specialist, The Energy Major, and The Low-Carbon Leader.

The Oil & Gas Specialist strategy is targeted at minimising carbon intensity while maintaining productivity. Meanwhile, the Energy Major strategy involves companies transitioning away from hydrocarbons and towards renewable energy sources, like hydrogen or offshore wind power generation.

Finally, The Low-Carbon Leader business model outlines how companies with declining assets can embrace full decarbonisation.

Digitalisation will also play a key role in bolstering these new business models, with the evolution of AI technology empowering decision makers to make stronger strides towards efficiency, productivity, and net-zero emissions.

Key fact: In December 2020, ExxonMobil announced its carbon ambition to reduce the intensity of operated upstream greenhouse gas emissions by 15-20% over the next five years

Benefits

  • Opportunity to build a more resilient portfolio

  • Low-carbon business models create growth opportunities

  • The industry’s overall impact on the world is reduced


Learn more insights by browsing our resource centre and learn more about digital trends shaping operator responses to the coming hydrocarbon boom and energy transition in the Innovation Forecast in Energy.

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A bronze award in the 'Startup of the Year: Business Services' category