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In a business environment where change has become commonplace, few industries have seen more of it recently than the global energy business.
Seven years ago, the electricity and gas industry was one of the most heavily regulated in the world. Today, segments of the business—for example, wholesale markets—have become so competitive that they resemble the most sophisticated financial markets.
In the oil industry, the stakes have gotten higher as the majors strive to consolidate their global positions and decide where along the value chain to compete. And across the energy sector, some of the most capital-intensive companies in business today face large bets and great uncertainty.
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