Overheard: Houston energy experts share how tech and startups are affecting the industry
eavesdropping in houston
Last week, Houston-based Pink Petro hosted its annual conference — but, quite like other events across the country, it took a very digital approach.
Energy 2.0, formerly called HerWorld, was always going to be streamed from two locations — Denver and Houston — but the conference, which took place from March 9 to 11, likely had more digital attendees than previous years thanks to the rising threat of COVID19, or the coronavirus.
The digital shift was pretty on par with the conversation of the "unconference," as its called. The last panel of March 10 was how tech was rattling the energy industry. Three panelists discussed the effect of technology on the industry, climate change, startups, and more. Here are some of the panelists best points made during this event.
“Technology isn’t new to the energy sector. The energy sector is used to adopting and adapting to new technologies. What we are talking about now is digital technology, and what’s happening there — we are not familiar with that.”
— Geeta Thakorlal, president at Worley Digital. It's not innovation that's unfamiliar to energy companies, but the digital aspect, which includes introducing new tech from outside the industry. "When you talk about adoption and use of digital technology, it means different things to different people," she adds.
"We’re taking a look at technology, but also addressing the people [aspect] — looking at what people are doing with technology and how the social issues are impacted by technology."
— Jennifer Hohman, CIO and vice president, at Seadrill. The conversation started with a broad scope on how the energy industry is approaching technology, and Hohman cites climate change and sex trafficking — two issues the industry has been affecting.
“As society is changing, we start to worry about people’s safety — that’s very natural in our industry, but moving that into what about social issues or even renewables."
— David Reid, CMO of National Oilwell Varco. Reid adds that the energy industry is aware of its role in the world and has a people-centric approach to technology, including being aware of how it affects the people involved in the energy company's supply chain. "I think it all ties together."
“Technology is constantly going to move fast — we have to continue to face that.”
— Hohman says on the energy industry adapting to technology, adding that tech allows for more collaboration — something energy companies should be doing, even if it means collaborating with a competitor.
"What the tech sector has done is actually helped energy industry because they challenged all these norms — diversity of thought, fail and fail fast — you don't use that language in the energy sector."
— Thakorlal says, explaining that influences from the tech sector have been crucial. Ultimately, big tech companies are looking to small startups for innovation, and energy companies will be doing more of that as well. "The tech companies have had to learn it's not they who has got the solutions, and the energy sector has learned that too."
“We’ve got a world that wants a change, and does not know and understand what we’ve done.”
— Reid says on the topic of the energy industry's role in the future of the sector. "What's missing is the potential of our industry to make a difference."
“The biggest barrier to advancing technology is fear — people not really understanding. Fear is a choice.”
— Thakorlal says, adding that fear is a choice companies can make — but shouldn't. Instead, they should maintain their business while simultaneously adopting tech that will be key in the future. "We say in our organization that if you talk about energy transition or digital transformation in our sector, it's not an 'either/or' it's an 'and.' We have to keep doing what we are doing and transition that to what we want the future to be."
The Exploration Company opened its Rapid Innovation Lab earlier this month. Photo via LinkedIn