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Oil, gas enabler of industrial revolution 4.0
For the first time in history, more than half of the world’s population is now made up of middle-class consumers. This marks a pivotal moment in human progress and is the outcome of a remarkable period of economic growth over the past 50 years.
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One of the biggest concerns with Industry 4.0 is the disruption it has on the job market. McKinsey predicted that 800 million jobs would be gone by 2030 due to automation. (Shutterstock/File)
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ast month, the world reached an important tipping point. For the first time in history, more than half of the world’s population is now made up of middle-class consumers. This marks a pivotal moment in human progress and is the outcome of a remarkable period of economic growth over the past 50 years.
The fact is that prosperity is not only growing in the traditional centers, it is spreading from West to East, North to South and throughout the entire world.
Fundamental to this accelerated pace of progress are breakthrough technologies, which are driving unprecedented rates of productivity and introducing an era that has been defined as the Fourth Industrial Revolution. Just as the oil and gas industry was crucial in powering economic growth over the past half century, so this sector will remain absolutely essential to the next big leap forward in global progress. To enable this massive step change in development, the oil and gas industry must think differently, embrace disruption and step out of our comfort zone. We have given this mission a simple name: Oil and Gas 4.0.
Oil and Gas 4.0 is where our industry meets the Fourth Industrial Revolution, an era where digital innovation is catalyzing economic progress and driving demand for everything that depends on the hydrocarbon molecule — from power, to fuel and the countless products that enable modern life. Oil is set to break the 100 million barrels per day barrier in global consumption and will add at least another 10 million barrels a day at least by 2040. Natural gas will experience significantly stronger growth of 40 per cent over the same period.
