Corporate IQ lifts oil profits

摘要

The oil and gas industry is in a race to learn fast enough to master new technology solutions that enable the development of ever more complex hydrocarbon prospects. The continuous improvement of skills and competences is crucial to the success of the global oil and gas sector. An intelligent business approach is needed more than ever. Without it, retardation of a company's organisational IQ can lead to costly failures.The energy business needs to move from 'smart' to 'genius'. Oil majors have been particularly good at organisational learning and this is reflected in their profitability. Their joint return on capital employed (ROCE) averaged a formidable 16% for the period 2001-2011, nearly double the ROCE recorded for the preceding decade.