Yet unlike many of its rivals that are starting to diversify away from their core activities, the largest oil major shows little sign of moving away from its reliance on oil and gas. One other way that it hopes to meet its goal is by increasing the use of digital technology. Repsol’s €85m corporate venture fund promotes disruptive technologies such as robotization, big data, artificial intelligence and blockchain with the aim of transforming the energy sector, Garcia added. Yet digitalization is an area that the oil and gas sector paid relatively little attention to for decades, said Geoffrey Cann, author of “Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas” at the seminar. We need ways to prove our achievements, as well as to see our progress towards our targets,” he said.

Source: Forbes February 03, 2020 15:00 UTC