Abstract
In view of the mounting attentiveness on the global warming phenomenon and the rapid evolution of the renewables and sustainables, energy transition is inevitable and oil and gas producers and companies should respond instantly to ensure business resilience. Such a transition puts the fossil fuel industry under unprecedented pressure to cope with serious environmental, technical and economical challenges. The leaders of the industry are in critical need to develop efficient protocols to produce clean energy, reduce costs and improve performance to secure the assets’ value. They also have to effectively respond to the diversified drivers of change through performing holistic and systematic analyses to cover their strategies, operating model and capabilities and collaboration with other industry stakeholders.
Operational Excellence (OE) is a thorough, systematic and collaborative approach that addresses the cultural, behavioral and technical transformation within organizations to enable them to streamline operations, perform at optimum limits to achieve their strategic objectives. OE approach, in general, is to be derived from cutting-edge technical advancements needed to improve the ecosystem of the business and to be performed in alignment with a top view on the organization to accommodate the multiple upcoming waves of innovation. Evidently, there is a definite correlation between excellence, innovation and organizational success in growing organically and inorganically. This growth has played a prominent role in shifting activities more toward decentralizing decision making to enable lower-level management and frontline employees to take more ownership of the operations they are responsible for.
This paper will share the key elements of an OE model and will demonstrate the impact of unleashing these elements on the performance of oil companies to embark on the journey of energy transition and stay the course.
