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Shell Global Solutions has become part of a new, group-wide business called Projects and Technology, which will manage the design of all major new projects, upstream and downstream, and which will consolidate technology R&D and technical services on a truly global scale.
At the same time, Chris Finlayson and Ed Daniels took over Shell Global Solutions' leadership from Greg Lewin, the organisation’s former president. Shell Global Solutions' commitment to supporting customers through the delivery of technology and consultancy to help them tackle strategic and operational challenges remains unchanged.
We have entered a new set of world circumstances. It is clear that our immediate future lies in a downturn with low margins. Within the industry, this could mean that less capital is available to maintain investments in operating facilities and future supplies, which may lead to price volatility. Moreover, oil demand has fallen and prices are less than half of their historical peak in July 2008. Yet industry costs, though softening, remain nearly twice what they were in 2004.
Set against that context, this issue of Impact aims to provide insights into the industry's short- and long-term outlooks, and practical strategies and operational tactics that could help your company to emerge from the downturn as a winner.