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    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

    OPEC+ Stretches Per Day Oil Output of Saudi Arabia

    Production Surge

    Effect of OPEC+ Production Surge on US Crude Oil Prices

    US Radar

    Those Buying Oil or Petrochemicals from Iran on US Radar

    Raise Asia Oil Prices

    OPEC+ Decision Pushes Saudi Arabia to Raise Asia Oil Prices

    Oil-and-Gas-Expansion

    South Africa Drives Oil and Gas Expansion Strategies

  • Projects
    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

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    OGA 2017 Post Show Report

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    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

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    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

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    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

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    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

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CFOs will play critical role in the economic survival of the oil and gas industry, says ACCA

Yuvraj_ong by Yuvraj_ong
October 12, 2015
in Market Reports
0

With oil prices slowly recovering from the dramatic fall last summer which forced global organisations to put multi-million dollar projects on ice, ACCA (the Association of Chartered Certified Accountants) has detailed the key areas in which chief financial officers (CFOs) working in the sector can galvanise the finance function in the fight to future-proof their business in an ever more volatile market.

Speaking on the report, titled Oil and gas – priorities and challenges for the CFO enterprise, Jamie Lyon, the author and ACCA’s head of corporate sector says:

“We have all seen the impact of volatility in the market hitting the cost base and impacting capital expenditures over the last year or so. The big question now is how low and how long the oil price will remain at present levels.”

The report also highlights how volatility is bringing pressure on forecasting and decision support capabilities, and more scrutiny from investors on the performance of businesses in the sector.

“Corporate reporting challenges are also a key test for CFOs, particularly in relation to asset impairment and stranded assets” Lyon says.

Forecasting

One of the biggest issues facing CFOs in the sector is predicting the future business landscape. Lyon adds: “Effective forecasting and planning is vital right now. Preparation for the potential risks of the future and most importantly, how to overcome them, needs constant review so that plans do not become irrelevant which can happen all too quickly in a fast-moving and volatile sector like oil and gas.”

Spending

The report also highlights the challenges facing CFOs in terms of the cost base. “Resource allocation needs to be prioritised, and ruthlessly so. What really needs the funding? All spending will be analysed so CFOs need to tread a fine line between cutting cost but also protecting essential investment for the future. It’s a really tricky balance to get right”.

Reporting challenges

With ongoing pricing challenges impacting the sector, the investor community remains cautious, and is becoming more challenging. For enterprises that are heavily invested in carbon, the issue of “stranded assets” and potential impairments is also dominating the agenda, with Lyon commenting: “I think we can expect to see a reduction in the value of assets on the balance sheet, that’s just a reality of the market at the moment.”

Longer term outlook

From the CFO’s perspective, the report also points to the longer term demands. “Obviously investment in renewables is a key issue. Fossil fuels by their very nature are a finite resource, and one that global warming targets may leave out of reach, so investment in alternative energy sources must be increasingly on the priority list.”

Lyon adds “Another equally important issue for CFOs longer term is the talent pipeline. Securing the right balance of operational and strategic skills in the finance function is a huge challenge across the industry, and ensuring its endurance in the longer term must be a key consideration. The big question is where the next generation of finance talent across the industry will come from.”

Summary

In summary, Jamie Lyon says: “CFOs, and the approach they use to transform their businesses to make them fit for the future, are a vital part of ensuring the oil and gas industry runs ‘business as usual’ as it works through turbulent times and continues to transform in an ever-changing world. We believe the finance organisation is going to be at the forefront of driving the transformation needed in the sector”.

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