Page 20: of Maritime Reporter Magazine (July 2017)

Elisabeth Tørstad, CEO, DNV GL - Oil & Gas oices

ElisabethElisabeth

TørstadTørstad

CEO DNV GL - Oil & GasCEO DNV GL - Oil & Gas

Photo: DNV GL ith the energy slump entering its our business that helps mid-stream to get products out to

When Elisabeth Tørstad took the fourth year, Elisabeth Tørstad suc- market has done well.” In particular, she notes that the helm as CEO of DNV GL - Oil cinctly summarizes this latest Asian downstream sector has been strong as countries in trough: “The downturn was steeper the region continue adding gas to their energy portfolios.

& Gas in late 2013, the price of

W than we were prepared for, it came a barrel of NYMEX (WTI) crude on faster and lasted longer than we expected.” DNV GL Think Global, Act Local oil was more than $100. Today, has arguably weathered the storm well compared to oth- The future pace and direction of energy markets is fod- ers, owed in part to the fact that just before the down- der for daily debate, and some of the brightest minds in that price has been halved, and turn started DNV GL was coming through the merger of the sector continue to wrestle to read the combination of the 40-month period between

DNV and GL, meaning that the collective organization demand drivers, geo-political impacts and the impact of had already thoroughly examined its combined customer ‘new’ energy, including renewable and shale oil and gas. her ascension to the top post and and service portfolio to eliminate redundancies. “The energy market has shifted quite dramatically, and our meeting with her in Houston

But as every storm cloud has a proverbial silver lining, going forward I think the oil and gas market will be more

DNV GL took the astute business approach of looking at regional,” said Tørstad. “You see many of the oil majors in May 2017 has been arguably the collective energy market – past its traditional role and contracting back to North America ? there is now less the most tumultuous in the oil heavy involvement in the upstream market – with fresh of a global environment and there are fewer global proj- eyes, evaluating how it could leverage its core expertise ects. More projects are happening onshore, where there industry’s history. Tørstad shares in new areas. are fewer global regulations and more national regula- with Maritime Reporter & Engi- “We all tend to focus on the upstream market and the tions.” neering News her insights on the oil majors, which take up a lot of space,” said Tørstad. As the market emerges from this watershed moment, it “On the other hand, low prices have resulted in a surplus is worthy to note that the strategy that Tørstad and DNV market going forward.

of oil and gas on the market, so that all the mid-stream GL put in place when she took the helm in 2013 is still and downstream markets have been able to produce at a valid, with its focus on cost-ef? ciency and digitization, low price and have therefore been busy. So, the part of in both its own company and the industry. “We are mov-

BY GREG TRAUTHWEIN (continued on page 22) 20 Maritime Reporter & Engineering News • JULY 2017

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