While these pressures remain foremost in the minds of operators, several obstacles to progress exist, and many organizations have yet to operationalize and execute a future-proofed strategy that can take advantage of new business opportunities while also delivering on stakeholder expectations for decarbonization and overall transformation. Closing the gap between strategic direction and implementation will be the deciding factor in who survives, who thrives and who fails going forward.
A matter of trust. Stakeholder relations for oil and gas, refining and petrochemical companies are increasingly complex. After generations of executing a one-dimensional pathway to value creation, the industries must now manage the needs and expectations of society, government, competitors, logistics, consumers, local government and employees. Stakeholders’ demands also hold greater weight than ever before on companies’ social license to operate