Energy industry looks to Israeli innovation

• Published date: 29 May 2023

Suddenly there was no trace of the old, heavy industry with the environmental impact. The companies were careful to present an image of environmental, advanced, digital energy companies that invest in technology that reduces the environmental footprint and focuses on renewable energy and technological innovation

The future is already here

A senior executive at one of the largest oil and gas companies told me: We're investing more and more in renewable energies because that is the future, but the big money is invested in digital technologies that lead to efficiency, lowering costs, and reducing the environmental footprint.

Beneath the surface, a revolution is taking place in the oil and gas industry: from an industry focused on fossil fuels to an industry looking for environmentally-friendly energy alternatives; from a conservative industry to an open industry seeking extra-organizational technological solutions; from an industry focused on working with a small number of huge subcontractors to an industry open to working with a variety of innovative companies; from an industry focused on internal R&D to an industry looking to implement new, extra-organizational technologies and solutions.

Today, more and more people understand that the real expectation is that in the next 30-40 years, fossil energies, with an emphasis on natural gas, which constitutes a transition energy between old (oil and coal) and renewable energies, will remain key energy sources in the global energy mix. Therefore, we are witnessing a paradigm shift and huge investments with a view to the future.

We are at the threshold of an extraordinary opportunity. A huge, rich industry puts its trust in internal and external innovation, and is willing to invest tremendous resources. In order to search for new technologies in the field, companies in the industry have established dozens of investment entities with huge capital earmarked for non-organizational...