5 Bold Predictions for The Energy Sector According to Wolfpack Solutions Expert Oil and Gas Think-Tank

 Breaking News
  • No posts were found

5 Bold Predictions for The Energy Sector According to Wolfpack Solutions Expert Oil and Gas Think-Tank

June 03
18:15 2020

We all know the “post” COVID-19 world will have many economical side effects. And, if there’s one industry we know that was overdue for a makeover, it’s energy. The aftershock of this virus will just speed up the process. 

Earlier this month, an expert think tank was arranged online by Wolfpack Solutions CEO and industry visionary Kelly Bone, co-chaired, by industry experts Dwyann Dalrymple and Lori Dalrymple of AOCSkills, LLCThe topic? What needs to change to survive this crisis, and why companies that don’t make these adaptations are guaranteeing their own extinction.

“This is the most important time for the petroleum industry. This downturn is like no other. If our sector and its partners are to survive and thrive our industry must behave and act differently in the future. We need to consider people, new business models, repurpose and develop new technology, economics and innovation. And this is why I called on the most influential leaders of our industry to build out the blueprint for success!” says Kelly Bone, CEO of Wolfpack Solutions.

Experts from the Middle East, Africa, India, Australia, Europe, and the Americas came together and made some fascinating discoveries and bold predictions of where we’re headed. Here they are:

People – The Gig Environment is Entering Energy 

Other than the core team of geologists and geophysicists possessing important Intellectual Property (IP), everyone else could be moved to a project-based employment model. Imagine a freelance economy in oil and gas, where the majority of the workforce converts to a consulting model and advertises their services through networking and online marketplaces. While predictions that 50% of the workforce would be freelancers by the year 2027 seemed outlandish only a few months ago, in a post COVID-19 world, that statistic seems conservative. The leader in this project-based employment model is the Energy HIIVE, owned and operated by Wolfpack Solutions’ CEO Kelly Bone and Global Entrepreneur Michael Graziano, along with a team of industry influencers. Together they have created the industry’s first ever gig solution accelerated by the current downturn.

Technology – Speed of Information Propagation will Require More Security

Technology like pipelines, fracking, and Artificial Intelligence (AI) have progressed the industry greatly in the last decade. But the shift to an independent digital workforce seems to be coming sooner than expected. Storage technologies, communication technologies, and intellectual property protection. “There will be more potential attacks in cyber security from work at home environments. With the rise in mobility, we’ll need policies, precautions, and maintenance that we have never needed before,” says Bone.

Economics – Volatility to be Expected Moving Forward

With OPEC no longer having control, and because of excess supply and storage issues due to price wars and big expenditures, the oil price will do anything but flatten. “We shouldn’t expect a ‘V’ shaped recovery or even a ‘U’ shaped recovery. We should expect more of a “roller coaster” shaped recovery” days Bone. Think-Tank experts anticipate that the price for West Texas Intermediate (WTI) will remain low, between $30 to $40 a barrel for the next 3 years. This doesn’t quite reach the median break-even price. 

Business Models – Ditch the Brick and Mortar

Companies have been given enough time to meditate on overhead and having a big flashy office may no longer be in the cards. The industry could instead evolve to the co-working space model. “Independent contractors could be hired on a project-by-project basis and have a desk space to use and hang their hat while they work” says Bone. However, they may be working next to a graphic designer or gaming coder, as the workspace would be owned and managed by a third party, and not the hiring oil and gas company. This new reality could also present opportunities to outsource services. 

Innovation – Renewable Energy is on the Horizon

While we all know it’s coming, it may be coming quicker than expected. Low oil prices may be driving consumers to stick to oil. The geopolitical price wars and uncertainty moving forward may push for innovation at lightspeeds. “With an open source human capital model, cloud computing, and Artificial Intelligence all working in harmony, we could witness an ideas exchange like never before in human history. Great advancements are on the horizon,” says Bone.

“Yes, we have lived through other downturns and our business is a cyclical industry, what have we learnt from the past?” Over the next few months Wolfpack Solutions CEO Kelly Bone will be running focused Oil and Gas Think Tank sessions around each of the predictions. Bone will be drawing in top experts to mastermind the issues, solutions to those issues, and future opportunities for the industry. The ultimate goal for Bone to achieve is the release of a step-by-step blueprint of proven models from outside the industry for the sector to consider as they stabilize and continue to thrive as businesses. This initiative is bold and yet critical to the survival of many energy businesses. 

JOIN THE MOVEMENT! 

Should you wish to join this initiative please contact Wolfpack Solutions by visit their website and applying for your participation today: www.wolfpacksolutions.ca

THINK TANK EVENTS — REGISTER TODAY! Space limited. JOIN THE CONVERSATION!

Register online at www.wolfpacksolutions.ca

1. PEOPLE: May 30, 2020 @ 10AM EST [recording available]

2. TECHNOLOGY: June 13, 2020 @ 10AM EST 

3. ECONOMICS: June 27, 2020 @ 10AM EST

4. BUSINESS MODELS: July 11, 2020 @ 10AM EST

5. INNOVATION: July 18, 2020 @ 10AM EST

Media Contact
Company Name: WOLFPACK SOLUTIONS
City: Kingston
State: Ontario
Country: Canada
Website: https://www.wolfpacksolutions.ca/