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Oil companies must change or be changed, says think tank

Oil companies must adapt to a changing energy industry or risk missing new business opportunities, a new report by Chatham House, a UK think tank, claims

In What next for the Oil and Gas Industry, authors John Mitchell, Valerie Marcel and Beth Mitchell argue that to maintain funding for existing projects and secure investment for new ventures companies must embrace advances in technology, politics and oil-demand patterns. “The structure which made sense for the oil industry in a different era may not make any sense now,” Beth Mitchell says. “As we go through this next era the oil and gas industry will look very different in a few years time. The choice [for oil companies] is to change or to be changed.” Mitchell argues that the landscape of the global upstream oil sector has been transformed by the rise of independents and service companies

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