EY Global has announced a $500-million investment to expand its oil and gas sector offering and has promoted Dubai-based Saulius Adomaitis to global leader of the sector.
EY says the investment will be targeted at developing digital carbon solutions, integrated digital operations, and managed services to support the oil and gas sector’s low-carbon transition.
The Big Four accounting and consulting firm estimates global investment in the low-carbon energy transition will reach $75 billion in 2021 and grow to $2.1 trillion per year by 2025, with oil companies themselves contributing significantly to this.
“As the energy transition accelerates, both the challenges and the opportunities for oil and gas companies are immense. This investment to further expand the EY Oil & Gas offering reaffirms our commitment to bringing leading digital technology to a rapidly transforming sector,” Serge Colle, EY global energy & resources leader, said.
The firm says its half-billion-dollar investment will bolster the “market-leading position” of its “strong oil and gas practice.”
EY also announced the promotion of Saulius Adomaitis to global leader of the practice. Adomaitis – a nearly 20-year veteran of EY – will lead a team of 10,000 oil and gas professionals and oversee energy transition initiatives that leverage EY solutions and partner platforms including SAP and Microsoft.
“Saulius has an excellent track record within the energy industry, highly respected by peers and clients alike, and I’m confident he is the right person to successfully drive the EY Global Oil & Gas service forward,” Colle added.
Adomaitis most recently was the global lead for energy enterprise asset management. Before that, he was energy consulting leader for the Middle East and North Africa.
Prior to joining EY, he spent six years at Arthur Andersen.
“The next 10 years will be critical as oil and gas companies undertake the journey to redefine themselves,” Adomaitis said. “I am delighted to take on this role at such a pivotal time and look forward to working with the world’s leading energy companies on some of the most innovative and challenging transformations.”
He succeeds Andy Brogan, who has been promoted to EY Global energy & resources strategy leader.
