The coming years will be defining for NOCs as they fully embrace the need to embark on capital transformation. New capital can provide the catalyst to return the country’s finances to an equilibrium and act as an engine to drive greater economic diversity.
This strong appetite for deals perseveres against a backdrop of geopolitical or emerging policy concerns, which are seen as the greatest risk to economic growth for 69% of businesses. Yet according to the Global Capital Confidence Barometer, the disruptive impact of technology on potential deal outcomes and business models remains at the forefront of the minds of the majority of executives.
Aligning operating models and strategic prioritiesEY
EY Wealth & Asset Management’s comparison of globally integrated and multi-boutique operating models can help firms determine what’s more important: synergy or autonomy.
EY Biotechnology Report 2017: Beyond borders - Staying the courseEY
This deck provides the top takeaways and market insights from the EY annual biotechnology industry report, Beyond borders – staying the course (ey.com/beyondborders). This deck was presented by Glen Giovannetti, EY Global Biotechnology Leader (glen.giovannetti@ey.com), at the 2017 BIO International Convention (http://convention.bio.org/2017/) in June in San Diego.
EY presented at the 22 World Petroleum Congress, focusing on the impact of the lower oil price on LNG megaprojects, the opportunities and challenges to adopt new practices to make megaprojects more cost effective.
With momentum building towards the UN Climate Change Conference in Peru, new figures from IBR reveal that businesses leaders in emerging markets are more focused on the sustainability of their operations compared with peers in developed markets. In this short report Nathan Goode, global leader for energy & cleantech, calls for a change in the narrative around sustainability arguing that we need to start talking in language that resonates with businesses.
This strong appetite for deals perseveres against a backdrop of geopolitical or emerging policy concerns, which are seen as the greatest risk to economic growth for 69% of businesses. Yet according to the Global Capital Confidence Barometer, the disruptive impact of technology on potential deal outcomes and business models remains at the forefront of the minds of the majority of executives.
Aligning operating models and strategic prioritiesEY
EY Wealth & Asset Management’s comparison of globally integrated and multi-boutique operating models can help firms determine what’s more important: synergy or autonomy.
EY Biotechnology Report 2017: Beyond borders - Staying the courseEY
This deck provides the top takeaways and market insights from the EY annual biotechnology industry report, Beyond borders – staying the course (ey.com/beyondborders). This deck was presented by Glen Giovannetti, EY Global Biotechnology Leader (glen.giovannetti@ey.com), at the 2017 BIO International Convention (http://convention.bio.org/2017/) in June in San Diego.
EY presented at the 22 World Petroleum Congress, focusing on the impact of the lower oil price on LNG megaprojects, the opportunities and challenges to adopt new practices to make megaprojects more cost effective.
With momentum building towards the UN Climate Change Conference in Peru, new figures from IBR reveal that businesses leaders in emerging markets are more focused on the sustainability of their operations compared with peers in developed markets. In this short report Nathan Goode, global leader for energy & cleantech, calls for a change in the narrative around sustainability arguing that we need to start talking in language that resonates with businesses.
EY's European Banking Barometer – 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
Transforming investment banks shows how an unremitting focus on transforming existing business and operating models can help banks unlock investor returns of 12% - 15%.
Read more: http://www.ey.com/investmentbanking
Transforming investment banks social media infographicEY
Eight challenges plaguing investment banks
Investment banking is an industry in crisis. A raft of incremental change programs is doing little to address the issues.
www.ey.com/investmentbanking
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
European Banking Barometer – 2016: Seeking stability in an uncertain worldEY
The European Banking Barometer provides an overview of European banking industry, as well as the priorities banks will focus on over in 2016.
Now in its seventh edition, the latest survey consists of 250 interviews with senior bankers across 12 European markets.
Overall, the study shows that the European banking industry is taking measures to reposition for a long-term environment of low growth. But they mustn’t take their focus off the innovation agenda, if they want to lay the foundations for delivering sustainable returns in the years to come.
To find out more please visit http://www.ey.com/ebb.
Together, governments, entrepreneurs and corporations can spur growth across the G20. The EY G20 Entrepreneurship Barometer 2013 enables each G20 nation to identify the strengths in its entrepreneurial ecosystem. Find out which countries are getting it right, and which have lessons to learn.
For more information, please visit: http://www.ey.com/GL/en/Services/Strategic-Growth-Markets/The-EY-G20-Entrepreneurship-Barometer-2013
The EY G20 Entrepreneurship Barometer 2013: Italy profileEY
Quanto è importante l'imprenditorialità per il futuro dell'Italia? Il nostro studio mette in evidenza la forza degli imprenditori, che rappresentano uno dei principali motori di crescita economica.
Per maggiori informazioni vi preghiamo di visitare: http://www.ey.com/GL/en/Services/Strategic-Growth-Markets/The-EY-G20-Entrepreneurship-Barometer-2013
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
Mature food companies need to use aggressive cost reduction, portfolio simplification, and substantially new approaches to growth to deliver competitive returns.
Der Standort Deutschland ist für Immobilieninvestments äußerst attraktiv – gerade in unsicheren Zeiten. Auch im europäischen Vergleich schneidet Deutschland überdurchschnittlich gut ab. Für unser alljährliches „Trendbarometer Immobilienmarkt“ haben wir 135 Investoren befragt.
Gérer ses relations avec les journalistes/influenceurs peut parfois être une bien rude épreuve. Pour la faciliter et parce que Maddyness a à coeur d'accompagner les entrepreneurs et de les aider à tous points de vue, voici quelques conseils pour mieux séduire et entretenir de bonnes relations avec les journalistes/influenceurs.
EY's European Banking Barometer – 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
Transforming investment banks shows how an unremitting focus on transforming existing business and operating models can help banks unlock investor returns of 12% - 15%.
Read more: http://www.ey.com/investmentbanking
Transforming investment banks social media infographicEY
Eight challenges plaguing investment banks
Investment banking is an industry in crisis. A raft of incremental change programs is doing little to address the issues.
www.ey.com/investmentbanking
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
European Banking Barometer – 2016: Seeking stability in an uncertain worldEY
The European Banking Barometer provides an overview of European banking industry, as well as the priorities banks will focus on over in 2016.
Now in its seventh edition, the latest survey consists of 250 interviews with senior bankers across 12 European markets.
Overall, the study shows that the European banking industry is taking measures to reposition for a long-term environment of low growth. But they mustn’t take their focus off the innovation agenda, if they want to lay the foundations for delivering sustainable returns in the years to come.
To find out more please visit http://www.ey.com/ebb.
Together, governments, entrepreneurs and corporations can spur growth across the G20. The EY G20 Entrepreneurship Barometer 2013 enables each G20 nation to identify the strengths in its entrepreneurial ecosystem. Find out which countries are getting it right, and which have lessons to learn.
For more information, please visit: http://www.ey.com/GL/en/Services/Strategic-Growth-Markets/The-EY-G20-Entrepreneurship-Barometer-2013
The EY G20 Entrepreneurship Barometer 2013: Italy profileEY
Quanto è importante l'imprenditorialità per il futuro dell'Italia? Il nostro studio mette in evidenza la forza degli imprenditori, che rappresentano uno dei principali motori di crescita economica.
Per maggiori informazioni vi preghiamo di visitare: http://www.ey.com/GL/en/Services/Strategic-Growth-Markets/The-EY-G20-Entrepreneurship-Barometer-2013
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
Mature food companies need to use aggressive cost reduction, portfolio simplification, and substantially new approaches to growth to deliver competitive returns.
Der Standort Deutschland ist für Immobilieninvestments äußerst attraktiv – gerade in unsicheren Zeiten. Auch im europäischen Vergleich schneidet Deutschland überdurchschnittlich gut ab. Für unser alljährliches „Trendbarometer Immobilienmarkt“ haben wir 135 Investoren befragt.
Gérer ses relations avec les journalistes/influenceurs peut parfois être une bien rude épreuve. Pour la faciliter et parce que Maddyness a à coeur d'accompagner les entrepreneurs et de les aider à tous points de vue, voici quelques conseils pour mieux séduire et entretenir de bonnes relations avec les journalistes/influenceurs.
Bereits heute kauft jeder sechste Deutsche Lebensmittel im Internet – vor allem Städter und Gutverdiener, wie eine aktuelle EY-Studie ergibt. Der Start neuer Lieferdienste in Deutschland könnte den Lebensmittelhandel noch einmal kräftig aufmischen. Lesen Sie hier, was für die Zukunft des Shoppings zu erwarten ist.
40 propositions pour moderniser et simplifier le droit de l'environnementAdm Medef
Le droit de l’environnement a considérablement évolué, que ce soit sous l’influence du droit communautaire, des "Grenelle de l’Environnement" ou des conférences annuelles environnementales. En perpétuel construction et marqué par une juxtaposition de textes, le droit de l’environnement est de plus en plus difficile d’accès.
Pour moderniser et simplifier le droit de l’environnement, le MEDEF formule 40 propositions réunies dans un Livre Blanc réalisé par le Comité Droit de l’Environnement du MEDEF ce Livre Blanc a été écrit dans l'intérêt partagé de la protection de l'environnement et de la compétitivité des entreprises.
Vous avez une vision ? Nous vous offrons la une !EY
Participez à l'édition 2016 du Prix de l'Entrepreneur de l'Année, organisée par EY et le magazine L'Express !
Le Prix de l'Entrepreneur de l'Année met en avant les champions de l'esprit d'entreprise, moteurs de la croissance et de la compétitivité française.
Pour plus d'informations, consultez le site dédié : www.ey.com/fr/eoy
Digidata millésime 2016 : les 182 DATA sur la transformation digitale qui ont...Digitools.io
Cette année a été riche en tendances digitales, blockchain, big data, IoT, AR, VR... Retrouverez aujourd'hui les 183 Data sur la transformation digitale qui ont marqués l'année 2016.
Chaque jour 8h30 Digitools.io ( Magazine 3.0 / Annuaire intelligent ) vous propose sur ses réseaux sociaux une Data liée à la transformation numérique des entreprises.
Die Stimmung im deutschen Maschinenbau ist schlechter als in vielen anderen Branchen. 62 Prozent der Maschinenbauer nennen eine schwache Konjunkturentwicklung im Ausland als größte Gefahr für ihre Entwicklung.
En scène ! La contribution du spectacle musical et de variété à l'économie fr...EY
Cette nouvelle étude EY sur l’économie culturelle et créative, la première du genre sur le spectacle musical et de variété, cherche à montrer que la scène
déploie toute une chaîne d’intervenants et d’acteurs économiques qui font de la scène leur métier, toute l’année ou sur un événement donné.
Ce que révèle ce 1er panorama économique, c’est que pour 1€ généré par le coeur de l’industrie - les producteurs, les diffuseurs, les organisateurs de festivals et les exploitants de salles - 1€ supplémentaire est créé parmi les prestataires et au sein de l’économie touristique, au coeur des territoires.
Au total, le secteur du spectacle musical et de variété aura généré, en 2015, année de référence pour cette première étude, plus de 4,3 Mds € de chiffre d’affaires et employé 118 700 personnes en France.
Découvrez les principaux enseignements de cette étude réalisée avec le Prodiss dans cette présentation diffusée et commentée le 19 septembre 2017 par Marc Lhermitte, associé EY, en conférence de presse.
Die Befragten kritisieren das Vergaberecht für Bauprojekte als formalistisch. Lesen Sie hier, welche Entscheidungskriterien im Fokus stehen und welche Bedeutung der Digitalisierung zugemessen wird.
Vorstände deutscher Konzerne bleiben MännerdomäneEY
Im Vergleich zum Vorjahr steigt die Zahl der Frauen in den Vorständen der 160 DAX-, MDAX-, SDAX- und TecDAX-Unternehmen um sechs – aber: 76 Prozent der Unternehmen haben rein männlich besetzte Vorstandsgremien. Lesen Sie, wo der Frauenanteil am größten ist.
Baromètre EY du capital risque en France - Bilan annuel 2016EY
Le Baromètre EY du capital risque en France recense les opérations de financement en fonds propres des entreprises en phase de création ou durant les premières années d’existence, en date d’opération du 1er janvier au 31 décembre 2016, publiées avant le 20 janvier 2017.
Bpifrance le Lab - PME - 65e enquête de conjoncture - Juillet 2017Bpifrance
Depuis 32 ans, Bpifrance réalise une enquête semestrielle de conjoncture à partir d'un échantillon de plusieurs milliers de PME installées en France. Les principaux paramètres économiques et financiers – activité, emploi, situation financière, investissement et financement – sont analysés avec une distinction PME innovantes et/ou internationalisées. Découvrez aujourd’hui les résultats de la 65 e enquête de conjoncture PME.
IFRS 15 Benchmarking survey for financial servicesEY
EY's IFRS 15 benchmarking survey for financial services provides a readiness benchmark and identifies trends developing in the implementation of the new revenue recognition standard.
RSE : le Medef et EcoVadis publient un guide pratique pour accompagner les PMEAdm Medef
Les entreprises sont aujourd’hui face à de profondes transformations, à la fois dans leur environnement naturel, économique et financier, industriel et humain, sociétal et règlementaire. Elles ont pris acte de cette évolution qui, loin de traduire un effet de mode, ne cesse de s’accentuer. Face à ces bouleversements, la RSE est un des leviers que peut utiliser le chef d’entreprise pour développer des solutions à même d’y répondre.
Les TPE, PME et ETI sont directement concernées. Faire le choix de la RSE est, pour elles, le moyen de répondre à une demande croissante de leurs parties prenantes. S’engager dans la voie de la RSE est un pari gagnant puisqu’une étude de France Stratégie montre que l’écart de performance entre les entreprises qui introduisent des pratiques RSE et celles qui ne le font pas est en moyenne de 13 %.
Néanmoins, des efforts restent à faire pour favoriser le large déploiement des pratiques responsables. Pour cela, le Medef et EcoVadis se sont associés pour publier un guide pratique visant à aider concrètement les TPE-PME à mettre en place une démarche RSE.
Ce guide, composé de 10 témoignages de terrain détaillant chacun une bonne pratique, a été conçu pour donner à tous les chefs d’entreprise de TPE-PME de nouvelles idées d’actions à mettre en œuvre. Les exemples choisis sont autant de bonnes pratiques mises en œuvre dans des secteurs d’activité variés. Elles ne sont pas nécessairement transposables et généralisables en l’état à toutes les entreprises, mais doivent être prises comme des sources d’inspiration.
Comment s'articule l'écosystème de l'innovation en France ?Justine Fradin
Support de soutenance de ma thèse professionnelle présentée le 23 février 2017. Etudes des processus d'innovation et de la gestion de l'innovation par les différents acteurs que sont les startups, les ETI/PME, l'état et les grandes entreprises.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Plan Sponsors looking for lower-cost investment vehiclesDan Brennan
The rise of CITs and their broader availability means that plan sponsors should be evaluating these vehicles as part of their due diligence process when selecting investments for their plan lineup. Given the unique features of CITs compared with mutual funds and the different approaches providers take when constructing their products, evaluating these products may take an extra level of due diligence.
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
EY Price Point: global oil and gas market outlookEY
As we close the second quarter of 2020, in most of Europe and Asia, the first (and hopefully last) wave of the COVID-19 crisis appears to be abating. In the parts of the US where the virus hit early, the profile has largely matched Europe’s, while in other parts, the urge to reopen businesses has trumped the desire to contain the virus and uncertainty looms. In the developing world, the crisis has just begun, but without the economic headroom and resources necessary to contain it. As the crisis unfolded, the effect on oil and gas demand has been predictable but difficult to gauge precisely and therefore difficult to manage.
Oil prices have crept up steadily as production has been curtailed through coordinated action (OPEC+) and because of economic reality (unconventional oil in North America). That trend has been subject to momentary spasms when bad news hit the market. It would be understandable if traders were nervous, and it seems that they are. Although nowhere near where it was at the peak of the crisis, option implied volatility is still at historically high levels. Gas markets, without the benefit of coordination on the supply side, continue to deal with the market implications of storage at or near capacity. Interfuel competition in power generation has always provided something of a floor, but those lows have been, and will continue to be, tested.
Zahl der Gewinnwarnungen steigt auf RekordniveauEY
Immer mehr deutsche börsennotierte Unternehmen müssen ihre eigenen Umsatz- oder Gewinnprognosen nach unten korrigieren. Im ersten Quartal stieg die Zahl der Prognosekorrekturen auf ein neues Rekordniveau: Insgesamt 77 Gewinn- oder Umsatzwarnungen wurden registriert.
Die Corona-Krise trifft auch die Versicherungsbranche mit voller Wucht. Die Versicherer rechnen mit weniger Neugeschäft. Jeder Fünfte mit Personalabbau und Prämienerhöhungen.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
IBOR transition: Opportunities and challenges for the asset management industryEY
EY Wealth & Asset Management explores the practical implications and the way forward for the transition to the new risk-free rates. This presentation aims to help asset managers and asset owners explore IBOR transition strategies that are compliant and future-focused.
Fusionen und Übernahmen dürften nach der Krise zunehmenEY
Folgt auf die Corona-Krise ein M&A-Boom? Laut Capital Confidence Barometer von #EY hoffen 40 Prozent der deutschen Unternehmen auf sinkende Bewertungen von Übernahmekandidaten.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
Our Global Chemical Industry Leader Frank Jenner explores the trends and drivers that will shape the chemical industry of tomorrow in our latest Chemical Market Outlook.
Die Geschäftslage im Mittelstand hat sich leicht verschlechtert, ist in den meisten Branchen aber weiter überwiegend gut - die Einstellungsbereitschaft sinkt.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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2. Page 2 Raising external capital driving NOC transformation
National Oil Company (NOC) transformation journey
For many emerging economies heavily dependent on oil revenue, the dramatic fall in prices has
unleashed a chain reaction with far-reaching consequences on Government budgets, sovereign
investment, economic development incentives and, critically, on subsidy support and social welfare
programs.
This is increasing the pressure on NOCs to transform the way they operate and change the very
nature of their relationship with the State.
The coming years will be defining for NOCs as they fully embrace the need to embark on capital
transformation. Seeking new capital can provide the catalyst to return the country’s finances to an
equilibrium and act as an engine to drive greater economic diversity, making sure that the company’s
growth and development translate into more general economic growth for the country.
3. Page 3 Raising external capital driving NOC transformation
The eight critical aspects for NOC transformation
NOCs of the future need to understand and address the aspects of their transformation to successfully
deliver both quality of earnings and contribution to the State.
Internationalization
Funding
People capabilities and
skills development
Enabling technology
Vertical integration
Autonomy
Revenue streams
and diversification
Balancing national versus
commercial objectives
NOC
transformation
In this deck, we consider
the requirements for
raising external capital,
particularly through an
IPO, and how these
requirements can drive
the transformation
process
4. Page 4 Raising external capital driving NOC transformation
The key stakeholders in the NOC transformation journey
Key stakeholders
NOC as
the company
How will the NOC work, what role will
it play and what will be its relationship
with the State
01 Government as
regulator of industry
How will the (new) Government
regulatory body operate and manage
the regulatory burden and competing
priorities of parties
02 Government
as shareholder
What will be the NOC’s financial
contribution and overall contribution
to the wider economy
03
5. Page 5 Raising external capital driving NOC transformation
Raising external capital provides the opportunity to transform the industry
and the NOC
Government
► External financing will assist in moving away from
Government funding/subsidy
► Improvements in transparency from increased scrutiny
and reporting requirements
► Increase in accountability and operating efficiency
► Focus on GDP generation instead of political and
national objectives
► Optimization of the overall tax and regulatory regimes
for the benefit of the State, NOC and potential
investors
Company
► Access to fresh capital to replace Government funding
► Flexibility in decision-making and improvements in
optionality
► Enhanced ability to attract, retain and reward valued
employees through share option plans
► Opportunity to bond and incentivize key
people with long-term incentive plans
Government
► Time-consuming: board members at lender meetings,
road shows, investor relations tasks, periodic
reporting
► Restrictions on management’s freedom of action,
e.g., approval required from supervisory board or
shareholders for important issues; new investors with
voting rights
► Firewall between NOC resources and Government
Company
► Time-consuming: board members at road shows,
investor relations tasks, periodic reporting
► Restrictions on management’s freedom of action,
e.g., approval required from supervisory board,
bondholders or shareholders for important issues;
new investors with voting rights
► Potentially strict corporate governance requirements
► Greater transparency and potential loss of control or
confidentiality concerning sensitive information due to
reporting requirements in investor reports
► Shareholder expectations may increase pressure on
management to achieve performance targets
Pros
Cons
6. Page 6 Raising external capital driving NOC transformation
Realistic and
executable
strategy
Tax and legal
structure — legal
protection and
governance rights
Capital structure
Return drivers
Corporate
governance —
quality of
management
Quality of assets
Access to
cash flows
Liquidity
Transparency
Some of these areas trigger different levels of requirements, ranging from less to more onerous,
depending upon the type of external finance sought
Key areas to address when seeking to attract external capital providers
Quantifiable and
manageable risk
7. Page 7 Raising external capital driving NOC transformation
Key types of external capital
Project financing Corporate/reserve-
based lending
Private capital
— strategic/JV
Private capital
(e.g., SWF)
Convertibles Public bond IPO
Advantages Ring-fenced
from the NOC
No or limited
recourse
Limited
compliance
burden
Relatively
cheap
Strategic
insight
plus capital
Knowledge
transfer
Deep pool of
capital
Longer term
horizon
Can be cost-
effective
Risk profile
flexible
Deep markets
Cost-effective
Creates
liquidity
Enables other
options
Disadvantages Expensive
and time-
consuming to
implement,
and requires a
high degree of
certainty
Volatile (links
to
oil price)
Availability
varies
Can reduce
optionality
Onerous to
establish
Additional
disclosure
External
influence
Line of sight
to IPO
External
influence
Public
reporting
requirements
Other
compliance
External
control/influen
ce
Compliance
burden
Less onerous Individual capital options or stage gates on the journey to an IPO More onerous
8. Page 8 Raising external capital driving NOC transformation
Attracting external capital drives a range of requirements for all key
stakeholders
Project financing Corporate/reserve-
based Lending
Private capital —
strategic/JV
Private capital
(e.g., SWF)
Convertibles Public bond IPO
Strategy, legal and capital structure
Requirement to demonstrate
equity story and growth
strategy based on leading
NOC practices
No, but standalone working
capital facilities would be
required
No, but reserve reporting and
cash flows will be required
No, but business plans will
be needed
No, but business plans will
be needed
No, but path to IPO should
be clear
Defensive cash flow case will
need to be presented during
investor ‘road show’
Integrated equity story/returns
and growth case need to be
presented during investor
‘road show’
Ability to communicate a
quantifiable strategy and
convert that into annual
guidance to be measured
against
No No, but regular checks of
reserve model or covenants
may be required
No No No, but strategy to support
convertible economics will
be needed
Yes, as will be subject to
rating agency scrutiny
Yes, as will be subject to
extensive equity analyst and
investor scrutiny
Legal structure change to
benefit investors or for
indexation
No No, but may use a captive
finance vehicle
May be specific JV
requirements
No No No, but may use captive
finance vehicle
Yes
Internal and external financial reporting
IFRS reporting and
benchmarking of accounting
policies
Not mandatory Not mandatory, but may be
required by covenants
JV may need to report in
partner GAAP
Likely to be IFRS
requirements for SWF
reporting
Likely Yes Three-year audited IFRS
track record
Accelerated financial closing
and reporting timetable
No No No No No Likely to be required due to
stock exchange requirements
Likely to be required due to
stock exchange requirements
Half-year or quarterly
reporting
Not formal, but may be
required by covenants
Not formal, but may be
covenant requirement
Consistent with partner
requirements
Consistent with SWF
requirements
Yes Yes Half-year reporting required
Corporate governance, systems and controls
Risk assessment, reporting
and internal audit
No No No No No Possible Likely to be required due to
stock exchange requirements
Board reorganization No No No Investor may require board
representation
No No Formal board and
subcommittee composition
requirements
Full disclosure and reporting
of transactions with related
parties
No No No No No Commentary likely to be
included in prospectus/notes
to accounts
Yes. Relationship agreement
may also be required with
main shareholder
Formalized reporting
structure, reporting lines and
policies around disclosure of
sensitive information
No No Likely to be covered by JV
agreement
May be SWF requirements No Likely to be required due to
stock exchange requirements
Likely to be required due to
stock exchange requirements
MoreexternallyfacingMoreinternallyfacing
9. Page 9 Raising external capital driving NOC transformation
The NOC will need to demonstrate its strategy to become a leading NOC
and demonstrate a compelling equity story
Basic
Developing
Established
Advanced
Leading
NOC is funded by production revenue and Government subsidies
only
NOC is funded by production revenue, Government subsidies
and also has access to external development finance
NOC is funded by production revenue, external commercial
finance and equity investors
NOC is funded by a combination of external commercial finance,
equity investors and/or production revenue
NOC is funded by a range of internal and external sources and
uses its treasury function to manage its cost of capital and risk
Funding
10. Page 10 Raising external capital driving NOC transformation
Three key funding mechanisms for NOCs
1
Project
financing
2
Bond
markets
3
IPO
11. Page 11 Raising external capital driving NOC transformation
What does good project financing for an NOC look like
Although obtaining project finance does not carry the same level
of requirements as planning for an IPO, there are still many factors
which should be addressed to get access to the global capital
markets, get the best deal and manage a successful project.
Mature projects will typically have multi-stakeholder equity
participation, a substantial SPV, established public credit ratings
and full project finance and governance models and procedures.
Funding structure ring-fenced
Project Equity story/strategy and
framework
Stand-alone project finance structure
Reporting/project monitoring
Credit ratings
Financial risk management framework
Strategic factors to address
“
“
12. Page 12 Raising external capital driving NOC transformation
Accessing financing through bond markets
Whilst public bond issuance requires significant disclosure, albeit
not as onerous as an IPO process, such disclosure and access to
global bond markets does convey credibility to the international
investment community. Even at a minimum, 3 year historic
financials would likely be required and with no public credit ratings
and a less developed risk framework leaving notable credit risks, a
secured bond issuance will typically have onerous restrictions on
additional financing. Whereby successful bondholder financing will
include established public credit ratings, extensive historical
disclosure, comprehensive risk factors framework and will avoid
typically onerous restrictions on additional financing.
Liquidity requirements
Funding currency requirements
Credit ratings
Establishing international capital
markets credibility
Corporate governance
Sanctions/other regulatory matters
Strategic factors to address
“
“
13. Page 13 Raising external capital driving NOC transformation
Raising capital through an IPO requires the company to be IPO-ready
Early stage Mid-stage IPO-ready
Equity story Strategic direction Strategic direction
and budget
Integrated
strategy, plan and
financing
Financial history Local GAAP Consolidated
accounts
IFRS three-year
record
Group structure Legacy businesses Rationalised Efficient tax and
legal structure
Related party
transactions
Overlap and
confusion
Company
accountability
Clean full year
Forecast financial
information
Cash-based
annual plan
Accrual-based
forecasting
Reliable capital
forecasts
Tax position Unidentified risks Assessed risks Mitigation and
disclosure strategy
Title Assumed Assessed Attested
Financial control
and governance
Proprietor
discipline
Professional
management
Governance
procedures
Strategic factors What does IPO-ready look like
Robust equity story aligned to a differentiated strategy
consistent with the asset portfolio supported by a credible
management able to articulate the strategy in a public equity-
friendly way
Equity story
A funding structure consistent with the strategy set out in the
equity story that is able to weather all aspects of the
commodity cycle
Funding
Clear and transparent shareholder and corporate structures
with straightforward business models are more attractive to
investors
Stand-alone
corporate
structure
The amount of the offering and the use to which the proceeds
are put will be evaluated by investors. Forecasts and plans
will be required as part of the listing process
Use of proceeds
A strong management team with track record of having
delivered on plans on time and on budget. New board
structures and governance processes will need to be put in
place
Corporate
governance
Sufficiently robust stand-alone reporting systems and controls
to comply with regulatory requirements
Accounts and
information
systems
The IPO readiness assessment is the first step in the IPO value journey …
14. Page 14 Raising external capital driving NOC transformation
Considerations for the NOC as the company
1 2 3 4 5 6 7 8 9 10
IPO planning IPO execution IPO realization
► Does a financial investor relations
function exist?
► Non-core/non-commercial activities that may
depress earnings and valuation
► Availability of distributable reserves to support
dividend policy
► Structure of balance sheet once listed
► Development of the equity story
Banking
► Can the business produce its external reporting
on a timetable that meets the regulatory
requirements in the listing jurisdiction?
► Are the accounting policies currently applied
and the levels of disclosure given in line with the
international peer group.
► Are the current forecasting processes fit for
purpose and in line with those we would expect
from a listed business?
► Is the internal financial reporting harmonized
with the external reporting, enabling the
business performance to be monitored on like-
for-like basis?
► Is the management data produced on a timely
basis in order to allow the business to be
monitored effectively?
► Can data be accessed from JVs on a timely
basis in order to understand performance?
Financial and taxation
► Loss of competitive position due to increased
disclosure
► Lead time on reservoir reporting if external MER
required (and ability of any MER to do it)
► Timing and complexity of separation from
existing parent
► HSE reporting and required public
HSE reporting — e.g., sustainability reporting
Operational/commercial
► Suitability of governance framework for various
exchange requirements
► Requirements to disclose details of senior
management and board remuneration
Legal/regulatory
15. Page 15 Raising external capital driving NOC transformation
Considerations for the Government as regulator of industry
1 2 3 4 5 6 7 8 9 10
IPO planning IPO execution IPO realization
► Develop a well-defined purpose
► Establish a core set of attributes to which
strategic priorities should be aligned
► Develop an organizational culture around the
core set of attributes
► Build human capital that maintains technical
competence, ensures empathetic engagement
and continued commitment to professional and
public integrity
► Involve public in the operationalizing regulatory
excellence and identifying management
priorities
► Set a strategic approach to performance
measurement and evaluation
► How will any subsidy reform impact on the new
company and how will competing priorities of
shareholders and Government be managed?
Policy and Regulation
► What will be the governance structure and will
this be able to manage increasing velocity of
information and change?
► Is the data to be produced by the company of a
quality that will support regulatory excellence
► Is the current employee skill set able to meet
the changing regulatory role demands
► What will be the right performance measure to
drive the desired industry behaviors and
outcomes?
► How will noncompliance with regulations be
managed, and what fees or fines will be
implemented for violations of environmental,
financial and HSSE guidelines?
Governance
► What type of ERM framework will be put in
place to evaluate and regulate risks to the
economy, environment and society and future
opportunities, and threats to performance
goals?
► How will access to and analysis of data be
managed, and how will information be made
accessible to all stakeholders without increasing
the vulnerability to security threats?
Risk and reputation management
► Is the framework in place to set up a new
“contact with the State” that defines the new
nature of the relationship
► What level of foreign ownership is proposed?
► Is there a wider policy to attract investment
► Are there efficient concession processes in
place to increase sector attractiveness and
maximize new capital?
Internationalization and diversification
16. Page 16 Raising external capital driving NOC transformation
Considerations for the Government as shareholder
1 2 3 4 5 6 7 8 9 10
IPO planning IPO execution IPO realization
► Does the Government have an appropriate
stewardship function to act as shareholder in a
publicly listed entity
► Has the Government relied on the NOC for any
functions that need to be accommodated in the
Government post IPO?
► Has the cost of required Government capacity
building been taken into account in assessing
the costs and benefits of the IPO
Capacity building
► Is the business preparing sufficiently to meet
external reporting requirements and produce
forecasts that can be relied on for Government
budget planning
► What implicit subsidies are currently in place,
and what is the cost of their removal prior
to IPO
► Will the aggregate flow of funds to investors
including the share retained by the State post-
IPO adversely impact the fiscal or external
balance of the State
► Will the raising of external debt finance by the
company be subject to any State-imposed
limitation
Financial and taxation
► Has the NOC developed a compelling equity
story to support demand and valuation
► Is senior management appropriate for a publicly
listed entity? What capability gaps need to
be filled?
► Have the relationships with other trading
commercial entities within the entire
hydrocarbon value chain been put onto an
arm’s-length basis
► How will subsequent company growth be
translated into more general economic growth
for the country in wider commercial areas to
support State industrialization and economic
diversification
Operational/commercial
► Is the framework in place to set up a new
“contract with the State” that defines the new
nature of the relationship? What valuation
impact will this have?
► What level of foreign ownership is proposed
► What level of ongoing influence is the
Government targeting, and what impact will this
have on demand and pricing for the IPO
► How will relationships with other parts of the
Government or State-held entities be regulated?
Will this lead to any value leakage, and what
impact will this have on demand and pricing?
Legal/regulatory
17. Page 17 Raising external capital driving NOC transformation
Managing the IPO process
Our approach to the IPO diagnostic process is set out below. It commences with a workshop where we would work together with your
management team to understand the context of the transaction and brief them on an IPO process.
IPO
assessment
workshop
IPO
requirements Diagnostics
IPO
diagnostic
report
1
2
3
4
► Motivation and
infrastructure
► Reporting and finances
► IPO objectives
► Private placement
► Listing requirements
► Prospectus directive
► Gap analysis
► Follow-up workshops
for individual areas
► Standardizing of current
position versus what is
required to be IPO-ready
► Suggested approaches
and actions for closing
gaps
Approach
Diagnostics: We compare the target structure with your
current position to identify gaps.
Analysis: In individual follow-up meetings and research, we
help you clarify what is needed to close the gaps in terms of
time, content and resources.
Report: These results will then be documented and
presented back to the management team.
Assessment: Based on the results from the findings of the
IPO readiness assessment workshop, we develop an initial
set of recommendations in line with your Stated IPO
objectives.
18. Page 18 Raising external capital driving NOC transformation
The EY Global IPO Center of Excellence puts our know-how at your
fingertips
Use this virtual central hub to access all of our IPO knowledge,
experience and resources in one easy-to-use source
Easily access the power of EY global IPO network
IPO readiness and
preparing for an IPO
Alternatives to an IPO
Cross-border listings
Find details and register for upcoming EY events
Explore the activity on the IPO markets worldwide with “EY
insights: facts & figures”
Find out more at ey.com/ipocenter
19. Page 19 Raising external capital driving NOC transformation
What you can expect when working with EY
► We make it our business to understand your business and to keep our advice
relevant to your needs.
► We work with you as you transform your business, helping you anticipate the pitfalls
and lock in the results on which your future depends.
► We work with the leading companies in the oil and gas industry. This broad and deep
exposure means we understand the dynamics of the sector and the underlying
drivers of the leading actors.
► Our global sector is committed to providing industry insight that creates value for
you. It connects our oil and gas professionals worldwide and serves as a hub for
sharing industry-focused knowledge to help you succeed in a changing world.
At a glance
Why
choose EY? EY is known for its deep oil and gas sector knowledge,
relationships with the industry’s key stakeholders and strong global
capabilities. Clients see us as the most globally connected
organization among the Big Four. Whether you are already active
in multiple geographies or are planning to expand your business to
other countries, we can assemble a multinational team that
combines deep industry knowledge, experience resolving the
issues you are facing and savvy local advice.
Oil and gas is one of EY’s primary sectors. Our Global Oil & Gas
Sector is dedicated to offering industry insight and coordinating a
network of more than 10,000 oil and gas professionals who are
ready to develop practical approaches to the assurance, advisory,
tax, transactions and finance-related issues you face.
Contacts
Andy Brogan
+44 207951 7009
abrogan@uk.ey.com
Paul Navratil
+971 2 417 4400
Paul.Navratil@ae.ey.com