Shell and BP are two leading examples. Shell estimates that digital tools will contribute to one-fifth of its commercial revenue growth by 2025. BP has spun off its seismic analytics technology, which has achieved $100 million savings for the company, among three other startups in its portfolio.
The two companies have different approaches. Shell uses digital technology to create complementary services for existing customers, boosting downstream sales. BP sells technologies to oil peers and other industries such as construction and smart cities, creating new revenue decoupled from its usual clients.