EXPERT INSIGHT
THE ENERGY COUNCIL & KONGSBERG: THE CO-INNOVATION PARTNERSHIP
Shaping the Future of Energy through Digital Transformation
Written by Tazmyn Gounden, Head of Investor Research, Energy Council
Published 12 November 2024
The energy sector faces the formidable challenge of resolving the energy trilemma: ensuring energy that is affordable, secure, and sustainable. Amidst a backdrop of rapid digital transformation, the sector is turning to emerging technologies such as artificial intelligence to enhance decision-making and optimise performance. These technologies are pivotal in crafting viable industry solutions. However, their integration into existing frameworks and across the value chain presents significant challenges, largely due to uncertainties in outcomes and methodologies. In response, the Co-Innovation Partnership, a collaboration between Kongsberg Digital and the Energy Council, is driving the industry towards a sustainable operational model that supports net zero transitions.
This initiative is detailed in “The Co-Innovation Partnership: The Model for Shaping Energy’s Future – Phase 1: Industry Survey Results,” a report that underscores the critical role of collaborative innovation and digital technologies in transforming the energy landscape.
The partnership recently conducted an extensive survey among C-suite executives and their direct reports within the energy sector. This survey aimed to assess the uptake of advanced technologies and collaborative strategies, setting industry benchmarks for progress. It fosters a wide-ranging dialogue among senior energy leaders, catalysing rapid development and the establishment of best practices.
The survey focused on key areas such as sustainability, operational efficiency, and the strategic integration of digital technologies in the Oil & Gas sector. It provides a comprehensive overview of the industry’s current digital strategies and co-innovation efforts, beginning with demographic questions to grasp the backgrounds of the respondents and exploring their engagement in co-innovation, strategic use, and future plans for digital technologies.
The commitment of the Co-Innovation Partnership to merge digital technologies with collaborative innovation is essential for addressing the challenges of the energy trilemma and advancing towards sustainable development. This collaboration not only guides the energy sector through its current transformation but also steers it towards a future that harmonizes technological progress with environmental and economic sustainability.
To what extent digital technology offers positive benefits to addressing challenges faced with the energy transition.
88.89% of respondents affirming digital technology's significant role in stabilising supply chains, though there remains a slight scepticism regarding the maturity of current solutions (2.78% disagree, 8.33% neutral).
This transformative strategy is set to redefine the operational paradigms of the energy sector and make a significant impact on how the industry adapts to the evolving global energy landscape. For those in the sector who are eager to lead and innovate, this represents a compelling call to action to join the Co-Innovation Partnership and contribute to shaping a sustainable energy future. For more information or to participate in upcoming forums, please reach out to Charlie Abrines at [email protected].
About The Co-Innovation Partnership
The Co-Innovation Partnership has a mission to accelerate progress in meeting the challenges of the energy trilemma through co-innovation across the value chain using digital technologies. Co-innovation, combined with integrated digital technologies, will fuel the operating model of the future, making work better for businesses, workers, and society.
The Co-Innovation Partnership event forums, workshops, industry spotlights, and perspectives will enable value-chain-wide knowledge sharing, discussions, and debates in critical areas to shape a better future, including advancing greener operations, creating smarter ways of working, and ensuring resiliency. Kongsberg Digital is honored to be the convening organization of The Co-Innovation Partnership in partnership with The Energy Council.
If you have downloaded this report and you believe your company, service or product could help our senior upstream energy executives with some of the challenges they face in today’s environment, we would love to hear from you and see how you could be involved in our network.
The Energy Council is a global platform that facilitates connections between senior upstream energy executives and the finance, investment and technology community, in order to accelerate deals, mobilise capital, drive growth and innovation.
Fill out the form and a member of our team will be in touch to discuss our network further.
World Energy Capital Assembly
December 2025 | London
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The Energy Council has examined a small selection of new oil and gas technologies that will advance the mission to achieve a low-carbon society, largely eliminate emissions from oil and gas production over the coming decades and open the door for new opportunities. read more
Making the case for upstream investment in 2022
Many doubts arise when considering investment into Upstream in 2022; will there be expanded restrictions on funds and financiers, or will there be a repeat of the demand slump in early 2021, or will OPEC+ utilize their reserves to shift the price point to one that suits their objectives best. Such uncertainties will often worry the generalist investor but for the energy specialist with experience of the oil and gas cycles, the near future looks far more enticing. read more
Global Methane Pledge – A collaboration against climate change
The Global Methane Pledge seeks to acknowledge the agreements that have preceded it and to build greater action upon those collaborations. Led by the US and the EU, together with 17 major economies, the Pledge was launched at COP26 to “catalyze global action and strengthen support for existing international methane emission reduction initiatives to advance technical and policy work that will serve to underpin Participants’ domestic actions.” read more
The Outlook for Accessing Capital in the Oil & Gas Sector
At the World Energy Capital Assembly on 29 November 2021, a panel of experts provided their insights on the ability of companies in the oil and gas sector to access and maintain capital in the current economic and political climate. This article builds on that panel discussion and considers how (E&P) companies are balancing their corporate image with the need to remain profitable and deliver investor returns. read more
A cold or costly winter? Uneasy uncertainty for European gas consumers
As winter’s cold touch spreads across Europe, there is an uneasiness about how the frigid temperatures will be weathered as gas prices creep ever higher. The source of uncertainty for Europe’s gas consumers is broad; the traditional push and pull of Russian-EU energy geopolitics is alive and well, Covid demand and supply contractions have created imbalances throughout the value chain, while the global production levels of oil and gas remain constrained by OPEC+ and the surging market prices. read more
Asian LNG – A bountiful era for natural gas producers
The global energy crunch has reintroduced vigour into the oil and gas markets, especially in Asia Pacific where the soaring demand for LNG as a replacement for oil and coal has led to a high-cost environment that doesn’t appear to be slowing. read more
Executive Interview: Scot Evans, CEO, ReconAfrica
The Energy Council sat down with Scot Evans, CEO of ReconAfrica ahead of the World Energy Capital Assembly and Africa Energy Capital Assembly 2021. read more
Executive Interview: Tassos Vlassopoulos, CEO, HELPE Upstream
The Energy Council sat down with Tassos Vlassopoulos ahead of the World Energy Capital Assembly 2021. read more
Executive Interview: Mitch Flegg, CEO, Serica Energy
The Energy Council sat down with Mitch Flegg ahead of the World Energy Capital Assembly 2021. read more
Executive Interview: Dr Nick Mayhew, Chief Commercial Officer, Axora
The Energy Council sat down with Dr Nick Mayhew, Chief Commercial Officer at Axora, to discuss the business' approach to working with O&G leaders and their recent Innovation Report. read more
Digital Roadmaps – Comparing The Steps Taken By Energy Giants
Many of the household major oil and gas companies have begun shifting their market position to better prepare for the impending climate revolution. This energy supply shift has been imagined in several scenarios, which in essence are distilled to: our current path, our stated path and the necessary path needed to reach net-zero emissions. Inevitably, the stuttering and profiteering has led us to the brink and now we, as a global society, must rely on our ingenuity to restore the planet to a stable state. Easier said than done, of course, however making this process possible is the integration of advanced digital technologies into robust, legacy mechanical technologies. The rise of this digitalization has been known in the industry, as Oil and Gas 4.0 – referring to the technological era of the 4th Industrial Revolution. read more
Digital Twins – Virtually Reflecting The Physical
Energy companies have engaged in developing the concept of ‘digital twins’ – a digital model that reflects the physical. By integrating a network of sensors and monitoring equipment throughout a system, there can be a real-time oversight of operations and wider capabilities to analyse system efficiencies over time. read more
Executive Interview: Steve Edwards, CEO, Tailwind Energy
The Energy Council sat down with Steve Edwards, CEO of Tailwind Energy, to discuss how our industry will grow and innovate over the next few years. read more
From NOC to NEC – A changing of the guard?
It may seem as if the NOCs time as pure O&G players may be limited, but they are certainly not leaving the game. Oil and gas will remain central to energy security throughout the developing world and across much of the developed world, in industrial settings at the very least. What can be said with some certainty, is that a diverse energy mix that includes significant renewable generation is crucial to the mandate of NOCs to supply affordable and consistent energy to their population. read more
ERCE Global Upstream M&A Tracker Q2 2021
ERCE’s Global Upstream M&A Tracker is a quarterly product that provides an easy and detailed summary and analysis of global upstream M&A deals, both asset- and corporate-level. In this edition we cover upstream M&A activity over the last quarter of 2020 and summarise M&A trends for 2021. read more
Third Party Certification of Natural Gas in North America
If a gas producer adheres to emissions reductions and ESG regulations, they can obtain a Responsibly Sourced Gas (RGS) certificate. This means a company has produced a premium product, one that is actively seeking to reduce GHG emissions through integrating more efficient processes, reducing or stopping gas flaring and powering production with renewables – with the intention to reach net-zero emissions. read more
Analysis on M&A so far in 2021 and what to expect now
The global oil and gas markets have been awash with deals as oil and gas players alike scramble to rebalance their portfolios in light of supranational climate goals. While the market has not been as active in the second half of 2021, as commodity prices began to stabilise toward pre-Covid levels, there were still a number of significant mergers and acquisitions that will add much needed liquidity to the markets. read more
6 Months On – How Has Biden's Presidency Impacted The South American Oil & Gas Industry
Latin America has historically been the recipient of vast attention by successive US administrations, seeing the South American nations as proxies to fight international disagreements. Yet in recent years, their regional neighbours have fallen down the pecking order of foreign policy concerns, even more so under former President Trump’s isolationist ‘America First’ policies. In lieu of direct US-influence, corporate actors have been lobbying South American governments to expand and liberalise their energy sectors with the intention of developing competitive markets in the natural gas and renewable energy generation sectors. read more
Podcast: Brian Carey, Strategic Growth Director, Kongsberg Digital
Brian Carey, Strategic Growth Director of Kongsberg Digital joins the podcast to discuss the role of digitilisation and innovation in the Oil & Gas industry and how ESG will continue to shape and mould the sector. Listen to the full episode here. read more
Energy Transition in Africa to 2100
Africa is a big continent, and many countries are at different stages of development from economic and energy access perspectives. The key drivers in the region include commitments to the Paris climate agreement and the Sustainable Development Goals (SDG), one of which is access to clean and affordable energy. Read more here. read more
Upcoming Webinar: Examining Energy Stakeholder Perceptions of the Super Major Landscape
The partnership will provide a series of four major studies examining stakeholder sentiment towards energy majors and smaller players and measure their performance in the transition towards the provision of cleaner energy and stronger corporate governance.. read more
Africa: The Role of Gas-To-Power on the Continent
Gas-to-Power is the popular choice among African states looking to diversify their energy mix away from coal, with gas power generation accounting for two-thirds of new capacity. Natural gas and LNG have been enjoying a renaissance in their broad utility throughout the energy transition, spurned onwards in popularity with the successive gas discoveries all along the African coast. read more
Accelerating Business Performance and Reducing G&A for Leading Texas-based Mineral Fund
Take a deep dive into accelerating business performance and reducing G&A for a leading Texas-based Mineral Fund. read more
The Axora Innovation Forecast: How digital will determine the future of oil and gas
After a year of uncertainty, the oil and gas industry needs to act quickly to capitalise on an innovation boom. Axora spoke to 150 senior decision-makers to see how technology will carry their companies – and the industry at large – into the future read more
NorthAm Advisory Board Takeaways #2: ESG & The Energy Transition
At the end of May, the Energy Council hosted an advisory board with senior executives in the North American energy sector to discuss ESG and the Energy Transition. The esteemed advisors reflect a diverse range of both E&P operators, investors, financiers, digital leaders, OFS players and traders across both the private and public spaces. read more
Asia Pacific Energy Assembly 2021: Day 1 Takeaways
The Energy Council’s Asia Pacific Energy Assembly gathered the industry’s leading figures to discuss the pressing issues facing the Asian Pacific energy market. read more
Asia Pacific Energy Assembly 2021: Day 2 Takeaways
Day Two saw the conversation move toward how the region will approach the developing role of natural gas and LNG in the energy transition, beginning with a keynote address from Wood Mackenzie’s Head of Asia Pacific, Gavin Thompson. Gavin’s address spoke to the rapid shift in appetite for the fuel, as it became the prime candidate for replacing oil and coal demand. read more
Asia Pacific Energy Assembly 2021: Day 3 Takeaways
The third and shortest day of our Asia Pacific Energy Assembly was by no means that least exciting, in fact the emerging role of ESG and the accelerated energy transition has revealed the deep passions and commitment by oil and gas players to develop a market that considers both energy access and the immediate climate concerns. read more
What does a comprehensive ESG programme look like; identifying the possible range of initiatives that work for your business.
To start; a business needs to identify and establish where and how their ESG-related weaknesses manifest. Once these weaknesses are established, a company should then identify, develop and utilize a strong ESG reporting framework, one that can challenge the business to improve their impact on society. read more
Achieving Consistent and Comparable Sustainable Reporting and ESG Metrics – Can It Be Done?
The emergence of Environmental, Social and Governance (ESG) policy has hit a roadblock with the inability to create comparable and standardised measurements across jurisdictions, or even within a particular industry. The Energy Council ask's "Can it even be done?" read more
The Role of Capital Markets in the Energy Transition
The need to decarbonise has initiated a holistic reconsideration of the role of capital markets; particularly how they can facilitate access to capital to stave off climate change, manifesting itself as a growing requirement for financiers to take responsibility for how and where they deploy their capital. read more
NorthAm Advisory Board Takeaways #1: Outlook for the Upstream Sector
At the end of May, the Energy Council hosted an advisory board with sixteen senior executives in the North American energy sector. The esteemed advisors reflect a diverse range of both E&P operators, investors, financiers, digital leaders, OFS players and traders across both the private and public spaces. read more
Pulse Report: Delaware Basin Edition, May 2021
In the May 2021 edition of the Pulse Report, we revisit activity in the Delaware Basin. Download the report here. read more
Nostradamus and Energy Council launch Bellwether Insights Programme measuring Energy Transformation
The partnership will provide a series of four major studies examining stakeholder sentiment towards energy majors and smaller players and measure their performance in the transition towards the provision of cleaner energy and stronger corporate governance. Read more. read more
Adapting to Change: The Emerging Role Of Traders In E&P
Financial activism has been a catalyst in shifting the approach to financing the oil and gas sector, with ESG demands creating risks that are often deemed unassailable to traditional lenders. As access to exploration finance dwindles, O&G traders have taken on the role of providing capital to E&P operations - jumping upstream to lower supply risk. Read more. read more
WECA Advisory Board #2: Key Takeaways
In anticipation for the Energy Council’s World Energy Capital Assembly (WECA) to take place in December, an advisory board of the industry’s leading figures was held to inform the agenda. Among the attendees were representatives from Petrobras, Morgan Stanley Energy Partners, BlackRock, Shell, Kongsberg Digital, Ecopetrol, The Carnrite Group, Hellenic Petroleum, Eco Atlantic Oil and Gas, Helios Investment Partners, Addleshaw Goddard, YPF, Reflex Marine and Axora. read more
WECA Advisory Board #1: Key Takeaways
In anticipation for the Energy Council’s World Energy Capital Assembly (WECA) to take place in December, an advisory board of the industry’s leading figures was held to inform the agenda. Among the attendees were representatives from INEOS Energy, BlackRock, Standard Chartered, Kerogen Capital, Lloyds Banking Group, ADNOC, Mizuho, Morgan Stanley, BP IST, Bluewater Energy, Wentworth Resources, Sector Investment Managers, Harbour Energy, NEO Energy and Jerset Oil and Gas. read more
Bank Mineral Management
Bank Mineral Management and what the future holds for it. Visit the info page here. read more
Natural Gas & Refining on Hydrogen
We share insights from a few of the key industries who will be impacted by the new hydrogen economy, natural gas players and refiners. read more
Hydrogen Outlook for Europe
This report summarises discussions with some of Europe’s leading stakeholders about the latest challenges in developing a hydrogen economy. read more
Elevating Mineral Management and Customer Experience to new heights at Happy State Bank
Elevating Mineral Management and Customer Experience to new heights at Happy State Bank. Download the case study here. read more
Pulse Report: Midland Basin Edition, March 2021
In the March 2021 edition of the Pulse Report, we relook at activity in the Midland Basin. Download the report here. read more
2021 Future Outlook Survey Report
Our 2021 Future outlook Survey reveals the key trends and factors that will likely impact your business whilst helping you to benchmark your business decisions against those of your peers. read more
Interview with Kwaku Boakye-Adjei, Commercial Consultant, TEMA LNG
Following on from WECAX Jack Ingram sat down with Kwaku Boakye-Adjei to discuss Ghana’s Tema LNG project – find out more and read about Sub Saharan Africa’s first regasification facility read more
Finding Lost Mineral Income: 5 things you need to know
Take a deep dive into the top 5 most common types of underpayments oil & gas investors struggle with every day and learn how you can be proactive in identifying them to recover missing revenue. read more
Technology for Everyone: Empowering Small Mineral Holders with Big Tech
Technology for Everyone: Enverus empowers small South Texas mineral holder with big mineral management technology. Download the case study here. read more
ERCE Global Upstream M&A Tracker
ERCE’s Global Upstream M&A Tracker is a quarterly product that provides an easy and detailed summary and analysis of global upstream M&A deals, both asset- and corporate-level. In this edition we cover upstream M&A activity over the last quarter of 2020 and summarise M&A trends for 2021. read more
Accenture Roundtable Key Takeaways – Decarbonizing Energy – From A to Zero
During a recent Roundtable, Accenture and the Energy Council discuss the direction and approach to decarbonisation within the oil and gas sector. read more
Steering LNG growth in Asia, the liberalisation of the Malaysian Gas sector
After years of state protectionist policies toward the Malaysian oil and gas sector, the fuel-rich state has begun the process of opening up the gas sector to allow for greater access and competition by third-party players. read more
Five trends that will cut global emissions in 2021
Which trends will gain the most traction, and have the greatest impact on emissions? Wood Mackenzie has set out their predictions in their latest report, Emissions: 5 things to look for in 2021. read more
What do the changing energy markets mean for raising debt in the upstream oil and gas sector?
Vinson & Elkins RLLP discuss E&P companies and how they will continue to require financing to meet development and production needs, whether in the form of traditional RBL products, corporate loans, bonds, high yield issuances, project financing, trade finance, equity financing or other more innovative or hybrid structures. read more
Emissions Trading Schemes, A Global Perspective
The Energy Council takes a look at how Emissions Trading Schemes are being implemented to reduce the impact of emissions within big industry, in regions and countries across the globe. read more
WECA X: 5 Key Takeaways
Expert Insight WECA X: 5 Key Takeaways Published 13 January 2021by Matt Maginnis, Portfolio Director, Energy ... read more
The drive to net zero – has the oil & gas industry got what it takes?
The drive to net zero: has the oil and gas industry got what it takes? Listen to a panel of experts discuss the journey ahead read more
A flexible approach can help investors deliver bold projects for Africa
Even the most experienced investor will see 2021 as one of the most challenging investment environments that they have encountered. However, Africa still offers significant upside potential for projects that have a clear demand and are led by experienced operators. read more
Pulse Report: Appalachian Basin Edition, November 2020
In the November edition of the Pulse Report, we take a look at activity in the multi-stacked area in the Appalachian Basin where the Marcellus Shale and Utica/Point Pleasant overlap. Download the report here. read more
Eco Atlantic Re-issued all Namibia Offshore Licenses
Eco Atlantic Re-issued all Namibia Offshore Licenses: Increases its sizeable strategic position in sought after frontier exploration region read more
Introduction to Carnrite – Dedicated, Practical Business Partner for an Industry in Transition
Ahead of WECA 2020, we spoke with Nick Carnrite, Managing Director at The Carnrite Group, on their entrance to the UK market, the challenges facing the Energy industry and how they are supporting the sector through these times. read more
Vertis – On the Role of Voluntary Carbon Markets in the Energy Transition for Oil & Gas sector
We know what the target is as well as why we need to achieve it. The question is rather on the how. How do we transform our businesses and our life-styles without jeopardising the functioning of our society or global growth? read more
“Investors will go where the money is” – An Analysis of the Sentiment among Energy Investors
“Investors will go where the money is” remarked one of the Energy Council’s members when asked about the increased pressure on funds to be ESG driven and avoiding hydrocarbons altogether. read more
In The News: Institutional Investors Demand Greater ESG Adherence from Oil Majors, Can Independents Pick Up The Pieces?
Institutional funds have increased their pressure on the world’s largest oil and gas companies to further and hasten their commitments to meet a carbon output of net-zero by 2050. What happens to 'independents'? read more
In The News: Quality assets key in four major M&A deals this year
Mergers and acquisitions are heating up in the oil and gas sector as prices stabilise and quality assets enter the market. Over $20 billion in deals has been completed in recent months with more set to come. read more
In The News: The United Kingdom's Path to Net-Zero in the North Sea
A report by the OGTC & Wood Mackenzie highlights the array of opportunities in the United Kingdom's path to decarbonisation & net-zero. The United Kingdom Continental Shelf in the North Sea has long been a prominent location for the exploration and production of oil and gas. However, as the nation pushes toward carbon neutrality by 2050, how will these competing industries develop? read more
In The News: OGCI Reports Significant Progress On Upstream Methane and Carbon Intensity Targets
The OGCI announced significant progress in reducing both carbon dioxide and methane emissions in the upsteam sector. Industry collective invests over a billion dollars into emissions reductions technologies. read more
Pulse Report: Delaware Edition, September 2020
In the September edition of the Pulse Report, we take a look at activity in the Delaware Basin from April - September 2020. Download the report here. read more
Pulse Report: Midland Edition, August 2020
In the August edition of the Pulse Report, we take a look at activity in the Midland Basin from Jan - Jun 2020. Download the report here. read more
Pulse Report: Bakken Edition, June 2020
In the June edition of the Pulse Report, we take a look at activity in the Bakken Shale Basin over the past year. Download the report here. read more
WECA Advisory Board Takeaways – Part 2
Part 2 of our takeaways picks up the conversation where we left off as our advisors’ peer into the rabbit hole of climate change and energy transition, and the future role of gas. read more
WECA Advisory Board Takeaways – Part 1
World Energy Capital Assembly Advisory Board Takeaways Part 1 March 2020 The Oil & Gas Council Advisory Board met ... read more
Awards Of Excellence 2019 – Female Executive of the Year Nominees Katie Jackson
Katie Jackson, Executive Vice President for Commercial and NBD at Shell, is one of the most active and prominent women in the business. Jackson’s range of expertise – including her start as a drilling engineer, her time in banking, followed by her move into industry management – have long made her a valuable asset and leader. Jackson delivers flagship deals for Shell building on her rich, industry experience, creativity, strong relationships, and understanding of the market. read more
Awards Of Excellence 2019 – Female Executive of the Year Nominees Fiona MacAulay
Fiona MacAulay’s technical credentials over 30 years of oil and gas experience is what now makes her one of the most respected CEO’s in the industry. Taking over the helm of Independent Oil & Gas at the start of 2019, follows a succession of appointments to boards of energy companies desperate for her knowledge and experience. Of the five women leading FTSE 100 oil and gas companies, MacAulay is the only one who built her experience as an oil professional. No wonder she’s in such demand! read more
Awards Of Excellence 2019 – Shortlisted Nominees for the Small-Cap of the Year Award
Last year’s winner, Energean, has enjoyed another headline-grabbing year, illustrating the opportunities available for Small Caps to expand operations and become household names. The shortlisted companies for this year’s award have all enjoyed significant success during the past 12 months. read more
Small and Mid-Cap Companies of the Future: Mitch Flegg, Serica Energy
Nimble, focused, bold – we believe small and mid-cap companies of the future will not sit back and rely on inherited approaches to asset management. The leaders in the sector will be action takers, blending the latest in technical innovation with people power. read more
Executive Interview: Abhi Kohok, Subsurface Director, INEOS Energy
We caught up with the Abhi Kohok, Subsurface Director at INEOS Energy, ahead of the World Energy Capital Assembly to hear more about INEOS Energy's CCS pilot and more success stories from the past year. read more
Spotlight on the North Sea
Although new exploration is expected to bounce back from 2018 levels, the OGUK has cautioned that drilling activity continues to stand at a “record low rate” and supply chain firms remain under significant financial stress. read more