Managers in oil and gas rely on various rules of thumb to accelerate decision making, but at times these biases get in the way of making better decisions. Biases that were at one time helpful are now a kind of risk.

Examples include the emphasis on production above all else, the preference for proven over novel solutions, and the preference for those innovations that originate in the industry.

These lingering biases explain why the fortunes of oil and gas companies now dramatically lag the index leaders whose market values are now in the trillions.

Correcting for these biases is not hard, but it does take concerted effort, particularly using some change management tactics.

When times are stable, biases are perhaps a convenient way to facilitate decisions and gain unanimity at the management table. However, the industry is facing far greater complexity than in the past, and such biases are now a risk to be managed.

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Disclaimer:

The views expressed in this podcast are my own and do not constitute professional advice.

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