Businesses across various sectors, the government and everyday consumers are all trying to crack down on fossil fuel usage, particularly now that that the UK has set the goal of reducing net emissions to zero by 2050. This has massively impacted the oil and gas industry, with numerous companies now attempting to tackle the “dual challenge” of providing more energy with fewer carbon dioxide emissions. One of the latest major developments in this area comes from BP. The oil and gas giant recently announced that it intends to create five unicorns by 2025 in an attempt to generate more clean energy. Here’s everything you need to know about BP’s oil and gas unicorns.
All about BP’s oil and gas unicorns
Launchpad, an entity that sits alongside BP’s venture capital unit, is focusing on building large-scale businesses that can run parallel to existing hydrocarbon divisions and specialise in digital and low-carbon technologies and the circular economy.
Potential $1bn companies which will be invested in by BP include Lytt, a subsurface analytics company, and Stryde, a seismic technology business, both of these have been developed to boost the productivity of oil wells. Launchpad is now looking at wider applications for these technologies across lower-carbon energies and the potential to sell its services to other groups.
Other companies in development include a predictive wind energy infrastructure maintenance platform and a carbon management and offsetting app, both of which BP plans to launch in the first three months of this year.
What does this mean for the oil and gas workforce?
This news shows how the oil and gas sector is evolving, with roles now heavily influenced by technology. Like many other sectors, it’s very likely that professionals will be needed in jobs which may not exist today. That’s why it’s absolutely vital that oil and gas companies are nurturing emerging talent and ensuring that there is a pipeline of professionals available for upcoming projects. Unfortunately, it is well known that the industry is suffering from acute skill shortages – and this has been a burdening problem for many years. In order to ensure BP’s new oil and gas unicorns and other similar ventures are successful, it’s vital that this issue is addressed.
However, BP’s investment in the potential five new oil and gas unicorns is, in fact, a fantastic opportunity to attract more professionals to the skill-short sector. As we know, the oil and gas industry has historically battled with negative press regarding climate change, which is one of the reasons it has struggled to attract the number of professionals needed. Now the sector has an opportunity to be viewed in a different light. With BP investing in businesses which will help create more clean energy, this can be the ideal time to attract fresh new talent who are passionate about environmental issues.
Commenting on this, Shaun Docherty, Divisional Manager of Oil and Gas at Samuel Knight International, said:
“This is certainly welcomed news for the sector, and also much needed. We have all witnessed the growing pressure from climate activists and investors to move away from fossil fuels and embrace cleaner energy, and this announcement from BP is a step in the right direction. Advanced technology is helping to create new, eco-friendly forms of energy, while still meeting demand, however the core issue is that there are not enough people in the sector to meet targets. Unfortunately, the industry suffers from antiquated stereotypes, and many Millennial and Gen Z professionals don’t want to be working in a sector that has been linked to climate change.
However, BP now has a new opportunity to show people that companies are, in fact, helping to provide solutions for environmental issues, and that by being part of these businesses, individuals can make a difference to the world. It’s important that BP share this message, and utilise this opportunity to attract fresh new talent.”
To find out more about how Samuel Knight International is addressing the oil and gas skills shortage, get in touch today.