In today’s global economy, innovation characterizing worldwide industries remains largely absent in the energy sphere. Reluctance to share intellectual property (IP) and a tendency to stick to tried and tested practices have long stunted investment in innovation, with companies instead opting to follow convention and prioritize privacy over progress. For the Middle East and North Africa region (MENA), the problem is particularly worrisome. In a region where fossil fuels are depleting, energy consumption is rising, and oil prices remain in recovery mode, innovation is a necessity.
While innovation is evident in some areas—such as upstream oil and renewables—it’s time for MENA’s broader energy ecosystem to embrace the value its value. The question is how? The answer is a multipronged approach that fosters out-of-the-box thinking and investor confidence in the face of a stark reality: Innovation is not just desirable, it’s non-negotiable in the quest for a sustainable future.
The call to action is daunting, but by factoring some fundamental points into the region does business, energy companies can chart the course to innovation and, ultimately, greater performance.
