Experts in the News

U.S. oil refiners have had a great run this century. But market events in 2020 signal changes to come that will challenge the industry’s global competitiveness, wrote fellow in energy and global oil Mark Finley.

Energy fellow Mark Finley joined a panel of experts for a webinar on the "Outlook for Global Oil Supply & Demand Balance in 2021: A Perspective from Europe" hosted by Gulf Intelligence.

Mark Finley, fellow in energy and global oil, said international oil companies shouldn’t throw in the towel amid uncertainty in the industry. “It is still the case that oil and gas combined are over half of the world’s total energy needs.”

"Most people expect that if the industry goes through a consolidation, bigger players will certainly realize some efficiencies but they are not likely to drill as aggressively as smaller independents," said energy fellow Mark Finley. "The business model was ‘drill baby drill.’ It was all about growth. The business model going forward is not going to be about growth, it’s going to be about returns and efficiency.”

A transformation in the upstream sector is shifting the industry's focus to proved, developed and producing resources. "It is more of a manufacturing process now than anything else, so the whole game is technical and financial excellence,” said energy fellow Mark Finley. "People who can drill the best wells, do the best frack jobs at the lowest cost are the ones who are going to win."