EY announces $500 million investment to expand oil and gas offering
EY announced an investment of around $500 million to expand its oil and gas sector offerings and appoints Saulius Adomaitis as the new EY Global Oil & Gas Leader to lead this initiative.
Analysis by the EY organization estimates global investment in the low-carbon energy transition will hit US$755b in 2021 and grow to US$2.1t per year by 2025 in order to meet global net zero targets1. The oil and gas sector contributes significantly to this, with three quarters of the growth in oil and gas sector investment in new energy being clean energy2. However, to make the low-carbon transition a success, oil and gas will continue to remain a critical element for the foreseeable future.
Against this backdrop, EY sees huge potential in developing digital carbon solutions, integrated digital operations and managed services to help the oil and gas sector with their low-carbon transition.
As a multi-award-winning service provider, the EY organization continues to be at the forefront of the energy transition with a strong oil and gas practice. The investment will bolster the market leading position and help clients during this critical time of industry convergence.
Serge Colle, EY Global Energy & Resources Leader, says:
“As the energy transition accelerates, both the challenges and the opportunities for oil and gas companies are immense. This investment to further expand the EY Oil & Gas offering reaffirms our commitment to bringing leading digital technology to a rapidly transforming sector. Saulius has an excellent track record within the energy industry, highly respected by peers and clients alike, and I’m confident he is the right person to successfully drive the EY Global Oil & Gas service forward.”
In his new role, Saulius will lead a team of 10,000 oil and gas professionals with the breadth of experience to help oil and gas companies navigate the energy transition, leveraging EY technology solutions and external alliances including Microsoft and SAP.
Saulius Adomaitis, EY Global O&G Sector Leader, says:
“Oil and gas will be part of the energy mix for the foreseeable future; however, there are multiple challenges and risks. Resilience and the ability to adapt and thrive in an adverse environment has never been more important. The next 10 years will be critical as oil and gas companies undertake the journey to redefine themselves. I am delighted to take on this role at such a pivotal time and look forward to working with the world’s leading energy companies on some of the most innovative and challenging transformations.”
With over 25 years of international experience across energy and infrastructure sectors, Saulius was most recently the EY Global Energy Enterprise Asset Management Lead, where he helped replicate the success of EY offerings in the power and utilities sector to the oil and gas sector through strong collaboration with SAP. He was also the EY MENA Energy Consulting Lead, where under his stewardship, the services were transformed into a region’s market leader.
Saulius Adomaitis succeeds Andy Brogan, who has been elevated to EY Global Energy & Resources Strategy Leader. Andy’s stewardship has seen the EY Global Oil and Gas services grow significantly, despite some of the most challenging market conditions of the last 30 years. In his new role, Andy will focus on further developing EY teams” point of view on the energy transition, providing clients with distinct, innovative sustainable data-driven services to help fuel future growth, improve current digital competencies and accelerate digital and business transformation.
