Accelerating Digital Transformation in E&P Business

As a resourced based economy, Malaysia relies heavily on the energy oil, and gas industry - a critical sector contributing to the economic growth of the Malaysian economy; which makes up in the range of 20% - 25% of the total gross domestic product (GDP) of Malaysia as of 2017. No analysts can properly predict prices of the future, with the highs and lows of crude and natural gas and renewables as the fuel of the future and are perhaps new way of things. This "new normal" in which countries, including Malaysia, must learn to adapt in a more agile manner to the "new way of work" of increased productivity and efficiency (de Graauw, McCreery, & Murphy, 2015). In adapting to the new normal, measures of increased productivity must continue to be pushed forward and implemented. Energy companies and services provider still need to continue with exploration and development (E&P) operations and activities to meet long term strategic objectives and demands of the nation, in line with the aspirations of the national oil company, however, it needs to add more value to every dollar spent as margins have continued to shrink and reduce profit margins of energy producers. This is where Digital Transformation comes into play and the urgency for implementation has gone from novelty solutions to critical business survival. Changing industry trends such as Industrial Revolution 4.0 have made it more prevalent than ever to make better use of capital at a time when productivity is essential. At the same time, the industry needs to continue to explore and develop to meet long-term demands, which continues to grow albeit slower than before.