Peter Newman speaking at IP Week 2008 calls for greater co-operation amongst oil companies.

Peter Newman, Global Leader of Deloitte’s Oil and Gas practice, spoke today on the role of national and international oil companies (NOCs and IOCs) in fostering energy efficient strategies.

“There is a widespread acknowledgement that the era of plentiful and cheap oil and gas is drawing to a close, and that future supplies will be much costlier and more difficult to locate and exploit. As a consequence, for the first time in 30 years the focus of many has turned to the challenge of energy efficiency.

“To address energy efficiency, co-operation amongst oil companies is a pre-requisite and should be encouraged, both amongst IOCs and NOCs alike. All stand to benefit in the long run from measures to increase the economic value of oil and gas to their customers, and to prolong energy resource lives for all.

“There is a remote relationship between the oil industry and electricity consumers. Realistically, in the context of overall gas consumption, the oil industry’s most significant contribution towards increasing the efficiency with which gas is used will be in its own production operations, both upstream and in refining.

“IOCs and NOCs need to work together to benefit from collaborative technological innovation, through shared infrastructure, capturing associated gas, reducing and eventually eliminating flaring. They should also work towards more combined heat and power facilities, such as schemes which combine the energy needs of major petrochemical plans with nearby district heating.”

Ends

Notes for editors
If you would like to interview Peter Newman about his speech please contact Laura Parsons on 0207 303 0885.

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