Our industry deals with continuously increasing complexity. Technically, we are attacking deeper waters, harsher environments, heavier oils and tougher projects. Commercially, the competitive landscape is changing and the race for resources is more intense than ever. Politically, terms and conditions are under pressure all over the world. The resources we exploit influence the global power balance, generate cash flows that can make or break governments, and have a direct impact on all aspects of everyday life. Hydrocarbons go to the core of the challenge between energy security and demand on the one hand, and climate change on the other. It would be breaking news if resource access was easy or not a hot topic.

Our industry has an impressive track record in terms of meeting growing energy demand. I have no doubt that this will be the case also going forward. However, we have never had to deal with more complexity, and we have never been more dependent on working together to succeed. That is why I consider technology and collaboration to be our key instruments in the hunt for new reserves.

Beyond fiscal incentives, technology is key to commercialise smaller discoveries and to get maximum recovery and value out of existing reserves. It unlocks reserves in frontier areas, and it is often the pivot in competitions for new business or partnerships with national and international oil companies.

I think technology-driven, integrated oil and gas companies continue to bring important things to the table. First, we bring full valuechain skills. There is significant value to be added further down the chain. Second, technology is not primarily about hardware, but about the ability to drive, develop and apply technology in real projects. Going forward, integration skills will be in more demand than ever.

However, I think it is reasonable to ask if our industry now finds itself at a crossroads. Abundant capital is out there chasing limitedtraditional E&P opportunities. I think we are all now faced with a new game: How to accommodate interests and expectations in a world that has prospered even between $50-100/barrel:

· Governments have clear expectations in terms of resource rent and control

· National oil companies want to build their own industrial capacity to strengthen them at home and/or abroad

· Host societies have developmental aspirations that they expect oil and gas to underpin

· International oil companies answer to shareholders and depend on acceptable returns and governance

· Service companies want to get the maximum out of their niche expertise and capabilities

I don’t find any of these expectations unreasonable. Therefore I believe we now are in a phase of realignment and rebalancing of business models. The business models of the future will have to align interests in ways that create genuine win-win partnerships. They will be more collaborative and draw on best practice from companies and sectors. The companies that will be the best at striking the balance may also strike the best deals.