The rapid proliferation of new acronyms over the last 10 years—email, e-business, e-commerce—to describe the emerging electronic and Internet-related aspects of the business world speak to the phenomenal pace of change that is occurring in businesses worldwide. The oil and gas industry in particular faces mounting pressures to “keep up with the pace”—that is, to meet the expected demand for energy, while consistently improving operational, financial, and social/environmental results to please all stakeholders.

This is a difficult task for an industry that has been inherently cyclical and functionally compartmentalized. Yet, it is meeting the challenge by creating and applying a...

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