There is no doubt that energy companies that focus on oil have come under a lot of criticisms. They have been held responsible for singlehandedly contributing to Global Warming and Climate Change in our world. For the last few years, these global corporations have realized the need to move to a world beyond fossil fuels.
To help them do this, they have relied on three keen areas-
- New Technologies
- Digital Platforms
- Renewable Source
With some of the deepest pockets as far as industries are concerned, oil companies are looking to chart the next course of growth and cement their place in the future.
In this article, we look at how some of them are making the transition. We speak to leading legal experts at BSA Ahmad Bin Hezeem & Associates LLP, a firm helping middle-eastern oil companies make the shift from fossil to something new.
The Emphasis on Renewable Sources of Energy
For the past few years, the major oil companies are trying to branch out to areas that they are most comfortable with. They have in place the infrastructure, the distribution channels, and the sales and marketing ready. What they need is to shift the core proposition from oil to renewable sources.
In this regard, a lot of energy companies are looking aggressively at Solar and Wind Energy. Given the abundance of the same on our planet, they are investing heavily in creating the infrastructure to maximize the potential.
If we take the example of the Middle East, the governments in Saudi Arabia, UAE, Qatar, and other regions are offering businesses various subsidies and expertise to set up solar and wind farms. Easy access to credit, fast permits and licenses, and greater availability to labor are some ways governments are trying to set up energy companies to move into the future.
How Digital is Playing a Key Role in Changing Perceptions
Most of the so-called oil-rich nations of the world realize that the need of the hour is to change the global perception. This is why they are aggressively using digital platforms like search and social media to help give themselves an image makeover.
A lot of the leading digital agencies are helping these companies create more humane identities. They are doing so by-
- Offering educational scholarships in different areas to brilliant students all over the world.
- Engaging in social and humanitarian services by providing aid, transport, and expertise and showcasing the same on social media.
- Digital investments in enterprising start-ups and technology companies to help in the diversification process.
- Using social media to take the attention away from the core industries and shifting it towards sub-businesses.
- Holding conferences, seminars, and summits at different world economic forums and emerging as a key stakeholder.
The Rise of Technology and its Growing Importance in the Oil Sector
When it comes to promoting efficiency, oil companies have realized that technology is the way forward. They have been some of the forerunners in implementing the world’s most advanced tech solutions to their industry.
For example, Blockchain Technology, while still in its infant stages is already being used by oil companies to help in optimizing payments, supplies, and distributions the world over. This has helped them improve turnaround times and payments.
Data Management, another leading tech of our times, is being aggressively utilized to maintain optimum levels of efficiency in these corporations. They employ some of the best data scientists in the world to improve operations.
Almost all of them have shifted operations to the cloud and employ the world’s best cybersecurity solutions to help them safe from cybercriminals. Power grids have moved online and are constantly monitored 24×7.
The Bottom Line
Leading legal firms have been playing an instrumental role in helping oil and energy companies make the transition to a new future. From helping with set-ups to licenses and permits to even negotiating on their behalf with governments, legal firms and lawyers have been right at the forefront of bringing in change. If you would like us to elaborate on any of the points, let us know in the comments section below.
