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The future of energy will continue to have a fundamentally cyclical nature. Successful companies will need to understand and anticipate the cyclical down and upturns. Transformation will be driven by digital. Disruptive energy transition will be ongoing, and there will continue to be political and public debates about our industry. There will be changing expectations about our behavior as an industry and how we must act to maintain our social license to operate – particularly diversity and climate responsibility.

The industry must be prepared for changes in the future and must be prepared to be surprised. We must recognize our enormous sense of responsibility for supporting a sustainable environmental future. We must aim to play a leading role in a low-carbon future.

Change is often seen as a threat, but change is not a threat. Innovation will be a key driver. Successful energy transformation depends on: producing oil and gas with lowest possible emissions; decarbonization; finding alternatives to coal, then to oil and gas. These are challenges but also opportunities for the next generation.

We are also moving into an age of more collaboration, which also means collaborative innovation—like we have with BHGE—a long-term, technology-focused collaboration which aims to accelerate the development of environmentally and economically sustainable energy solutions.

By Eldar Saetre, President & CEO, Equinor