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RESEARCH ARTICLE (Non peer reviewed)
Contents Vol 53 (Conference Proceedings)

Oil and gas business risk and opportunities: a report from the 2013 global Ernst & Young survey

Mark Hayward
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Ernst & Young.

The APPEA Journal 53(2) 498-498 https://doi.org/10.1071/AJ12109
Published: 2013

Abstract

This extended abstract discusses the top 10 risks and opportunities for oil and gas companies in 2013, which have been identified in our biannual global survey.

It has been said that the difference between a business risk and an opportunity is the organisational speed of recognition and response. In this biannual update to the Ernst & Young oil and gas risk and opportunities report, we provide the latest views about the key risks and opportunities facing the oil and gas sector.

Our three-phase approach provides a unique insight into the sectors, leading risks, and opportunities.

  1. We interview a panel of industry executives and experts, and ask them to identify the top risks and opportunities, as well as those below the radar that could rise into the top 10 in the years ahead. They are then grouped and aggregated to form a strategic challenge list for the oil and gas sector.

  2. The second phase of our research is to conduct a large-sample survey of companies and governments to rank the strategic challenges, obtain forecasts on whether these challenges would be more or less important in the future and discover how leading organisations are responding to them.

  3. The third phase of our research is to conduct interviews with leading industry executives to gain insights on how the risks and opportunities impact their organisations and how these executives are managing or preparing for them.

The latest edition of the Ernst & Young Oil and Gas Risk and Opportunities Report was released in March 2013.

Mark has more than 30 years’ experience with Ernst & Young and is the oil & gas leader for Queensland. His experience includes 20 years as a partner in auditing and accounting issues, audits of listed companies, and audits of public entities.

His depth of experience in the oil and gas, energy, property, construction, and agribusiness sectors has enabled him to share insights gained from understanding all aspects of businesses and to provide professional advice at the highest level.