The report discusses the challenges faced by the oil and gas industry in balancing economic, social, and environmental impacts of exploration and production activities with market, geopolitical, and technical risks. The report suggests that building a new equilibrium through greater cooperation and development is key to overcoming these challenges. The first step to achieving this equilibrium is recognizing that certain trends, such as NOCs becoming more sophisticated global players and IOCs improving their market value, are here to stay. The report recommends that IOCs manage relationships with host countries by fostering greater cooperation and development, recognizing the value of investment in oil and gas projects, and measuring externalities to demonstrate the value of these investments.
