2023 PESA business environment review
Erin Wild A * , Emmanuel Adeyinfa A and Adrian Farrant BA
B
Erin Wild is a Director in the Engineering and Asset Management team based in Melbourne, within KPMG’s national Deals, Advisory and Infrastructure division. With experience across engineering and operations functions, Erin specialises in advising asset-intensive organisations to maximise asset performance and achieve net zero goals. Erin focusses on the energy and natural resources sector advocating for life cycle asset management. Erin has experience in advising executive teams in building capability across people, process, change management and innovation. Erin has 20 years of professional executive experience in the O&G and Power & Utilities industries, bringing clarity to complex technical and business issues through a strong analytical approach and an ability to think differently about industry challenges. Working with all levels of organisations in Australia but also across the USA, West Africa, and Malaysia. Erin holds Engineering (Chemical) and Mathematical Science qualifications. Email: ewild2@kpmg.com.au. |
Emmanuel Adeyinfa is an Associate Director in the Engineering and Asset Management team based in Melbourne, within KPMG’s national Deals, Advisory and Infrastructure division. Emmanuel has experience across the oil and gas value chain across engineering, operations, and commercial functions. His current position involves being a strategic partner for executive teams to provide a holistic and pragmatic approach towards tackling key industry challenges whilst achieving sustainability targets through effective operations and asset management strategies, commercialisation and effective stakeholder engagement to maximise asset value. With over 10 years of experience in conventional, and renewables energy projects, Emmanuel has delivered and led workstreams with multi-disciplinary teams in both technical and leadership capacities. He holds both Petroleum Engineering (Hons) and Master of Business Administration qualifications. Email: eadeyinfa@kpmg.com.au. |
Adrian Farrant is an Associate Director in the Consulting practice of KPMG, based in Brisbane. He is a project manager and energy subject matter expert with 15 years of consulting, project management and project assurance experience, specialising in energy and natural resources capital projects and operations. He has managed complex major projects in oil, natural gas and other asset-intensive industries with total installed costs in the billions of dollars. He has managed projects across all project phases – Concept/Feasibility, FEED, Detailed Design and Operation of asset-intensive projects and operations, mainly working on large and complex major projects. Adrian holds a Master’s degree in Economics and Finance, and a Bachelor’s degree in Mechanical and Space Engineering (Hons). Email: afarrant1@kpmg.com.au. |
Abstract
In 2023, the world faced increased local and global headwinds in achieving the goal of net zero emissions by 2050 due to geopolitical factors, global economic variables, advancing technology, and evolving policies and regulations. Despite a 22% rise in global investments for renewable energy, the world fell short of the 76% required for a Net Zero Emissions Pathway by 2050. There was a collective return to fossil fuels, particularly natural gas and liquefied natural gas (LNG), to meet the demand for secure and affordable energy amid global energy supply shocks. As a result of sustained elevated energy prices governments and energy companies are having to consider all three elements of the energy trilemma – affordability, sustainability, and security – in a more balanced way. The energy industry responded to these challenges by increasing investments in gas-oriented resources and the emergence of investments into the critical minerals value chain, indicating a historic convergence of multiple industries to address the global energy transition. Investment in new energy technologies to support decarbonisation continued, albeit at a slower pace than required. The energy transition also accelerated the decommissioning responsibilities of upstream energy producers for their mature infrastructure assets. As Australia and other countries globally, strive to deliver on net zero ambitions, the oil and gas sector continues to grapple with the delicate balancing act of providing reliable, affordable, secure and sustainable sources of energy, which only continues to emphasise the need for fossil fuels during this energy transition.
Keywords: CCUS, critical minerals, decarbonisation, decommissioning, energy, hydrogen, Investment, LNG, market dynamics, mergers and acquisitions, net zero, new energy, oil and gas, energy, policy, technology.
Erin Wild is a Director in the Engineering and Asset Management team based in Melbourne, within KPMG’s national Deals, Advisory and Infrastructure division. With experience across engineering and operations functions, Erin specialises in advising asset-intensive organisations to maximise asset performance and achieve net zero goals. Erin focusses on the energy and natural resources sector advocating for life cycle asset management. Erin has experience in advising executive teams in building capability across people, process, change management and innovation. Erin has 20 years of professional executive experience in the O&G and Power & Utilities industries, bringing clarity to complex technical and business issues through a strong analytical approach and an ability to think differently about industry challenges. Working with all levels of organisations in Australia but also across the USA, West Africa, and Malaysia. Erin holds Engineering (Chemical) and Mathematical Science qualifications. Email: ewild2@kpmg.com.au. |
Emmanuel Adeyinfa is an Associate Director in the Engineering and Asset Management team based in Melbourne, within KPMG’s national Deals, Advisory and Infrastructure division. Emmanuel has experience across the oil and gas value chain across engineering, operations, and commercial functions. His current position involves being a strategic partner for executive teams to provide a holistic and pragmatic approach towards tackling key industry challenges whilst achieving sustainability targets through effective operations and asset management strategies, commercialisation and effective stakeholder engagement to maximise asset value. With over 10 years of experience in conventional, and renewables energy projects, Emmanuel has delivered and led workstreams with multi-disciplinary teams in both technical and leadership capacities. He holds both Petroleum Engineering (Hons) and Master of Business Administration qualifications. Email: eadeyinfa@kpmg.com.au. |
Adrian Farrant is an Associate Director in the Consulting practice of KPMG, based in Brisbane. He is a project manager and energy subject matter expert with 15 years of consulting, project management and project assurance experience, specialising in energy and natural resources capital projects and operations. He has managed complex major projects in oil, natural gas and other asset-intensive industries with total installed costs in the billions of dollars. He has managed projects across all project phases – Concept/Feasibility, FEED, Detailed Design and Operation of asset-intensive projects and operations, mainly working on large and complex major projects. Adrian holds a Master’s degree in Economics and Finance, and a Bachelor’s degree in Mechanical and Space Engineering (Hons). Email: afarrant1@kpmg.com.au. |
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