Tag: oil and gas industry overview

oil and gas industry

Key Procurement Challenges in the Oil and Gas Industry

Oil and Gas Industry Overview

The US oil and gas industry is booming due to significant exports and imports. New international offshore oil fields are being discovered and companies are creating new opportunities for revenue growth. But China’s gradual shift away from coal and increasing interests for liquified natural gas (LNG) is increasing the complexity and risk of the business operations. Additionally, ever-changing regulatory frameworks, continued negative public perceptions, the emergence of battery electric vehicles, geopolitics, and decarbonization policies are adding to the growing complexities and scrutiny that oil and gas companies are operating within. Therefore, it becomes a necessity for companies in the oil and gas industry to re-evaluate how they explore, produce, move crude, refine and distribute their products to satisfy increased demand. Here are major challenges facing the oil and gas industry for reference. 

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Major Challenges in the Oil and Gas Industry

Capital Cost

Due to high operational and maintenance costs, companies in the oil and gas industry have to look at costs on a Whole Life Cycle. Producing crude oil is an expensive process and requires companies to venture into marginal fields to stay competitive in the market. This is one of the major challenges faced by oil and gas companies as high capital investment for small field reservoirs are usually a risky option. Optimizing production systems should, therefore, be a priority of the oil and gas industry.

Supply Chain Visibility

Most companies in the oil and gas industry operate in a most physically challenging environment. They have complex operations and factors such as volatile oil and gas prices, complex regulatory norms, and third party suppliers, which further add to the complexity of the situation. Improving supply chain visibility to manage risks, control costs and optimize the performance of oil and gas companies becomes a task for companies in such a situation.

Wondering how fluctuating oil and gas prices can impact the growth of companies in the oil and gas industry?

Get in touch with our experts to gain comprehensive insights. 

Stringent Standards

The latest 2016 Paris Agreement negotiated under the United Nations Framework Convention on Climate Change to address the threat of keeping the global temp low is compelling companies to rethink extraction, production, and distribution methods to continue their operations. They need to provide guarantees and ensure transparency in the environmental management to meet increasingly stringent environmental standards.

Inability to meet stringent environmental standards can make it difficult for companies to sustain themselves in the oil and gas industry. Give SpendEdge a try by subscribing for a free demo to our platform and understand the market risks in detail.   

Talent shortage

Like any other industry, the competition for top talent is fierce. But with an aging and shrinking talent pool, employee onboarding, retention, and training have become a major issue in the oil and gas industry. Big companies need to invest in attracting the talent pool as emerging markets such as India and China are not only increasing global demand for oil and gas but also competing for talent.

To know more about the challenges facing the oil and gas industry, request more information here!

IR39

Top 4 Benefits of an Effective Portfolio Analysis for Oil and Gas Companies

Balancing production, investments, and returns in today’s lower-for-longer oil price environment are critical challenges for oil and gas companies. Top oil and gas companies are continuing to strive for the right balance of geographies and resource types. An important question that arises is what portfolio of resources can deliver the optimum results across a range of price scenarios?

In an era of higher shareholder expectations and uncertain oil prices, an effective business portfolio analysis is likely to be the priority for oil and gas companies. However, with the availability of innumerable narratives and tools in the marketplace, this is easier said than done. Therefore, oil and gas companies need to do a better business portfolio analysis. With the help of a comprehensive portfolio analysis tool, oil and gas companies can not only optimize their portfolio but also be in sync with the way markets evaluate portfolios in this period of uncertainty.

At SpendEdge, we understand the impact that an effective portfolio analysis can have on your business. And to help companies thrive in the competitive marketplace, our team of experts has highlighted four significant benefits of portfolio analysis that can help in maximizing ROI and deal with the competitive pressure.

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Top Oil Spill Solutions Providers in the World

Oil spill solutions: Market overview

In recent years, there has been a boom in oil exploration and production activities. Consequently, the oil spill hazards related to such operations have increased the importance and growth of oil spill solutions providers around the world. Oil spill solutions are a set of techniques or solutions that are used to minimize environmental damage caused by oil spills. They also contribute to reducing the financial loss to stakeholders involved in spills. Oil spills commonly occur during the transfer of oil to ships and the transportation of oil. Another notable cause of oil spill could be due to leakage in pipelines that carry the oil from sea to land. The growing concern against environmental damage caused by oil spills and the consequent government mandates for ensuring accountability of oil and gas companies with respect to controlling oil spills are also playing a key role in driving demand for oil spill solutions.

oil spill

Top oil spill solutions providers

Polyeco

 

The company was founded in the year 1977 and is currently headquartered in the UAE. They provide a full range of oil spill services including incident evaluation & consultation, spill management, technical support, response logistics, planning & admin, deployment/operation of equipment & management of waste. The Polyeco Group has developed its expertise over the years in more than 2,100 operations across the globe. The company not only offers the most extensive range of environmental services available but also responds promptly to any size emergency oil or HNS incident as well as process and treat any volume of waste.request proposal

Lamor

Lamor is a Finland based company that was established in the year 1982. The company’s oil spill solutions include a complete range of skimmers, oil booms, pumps, power packs, landing crafts, workboats, storage, and ancillary equipment. They have also invested significantly in R&D to discover new and effective oil clean-up solutions. Lamor has over the past 36 years developed its expertise in oils spill response and recovery, especially in the Arctic and offshore operations.     

NRC International

NRC International is the global leader in oil spill response, containment, and remediation. The company was established in the year 1992 and is currently headquartered in the US. In its rich history of 26 years, the company has contained and remediated over 1,000 oil spill incidents. Their emergency response network includes a workforce of over 1,250 personnel. NRC International operates from over 50 office locations in 13 countries worldwide, including in the United Kingdom, the Caspian and the Black Sea regions, the Mediterranean, the Middle East, and the Americas.Request Demo

Marine Pollution Control

Marine Pollution Control offers comprehensive environmental solutions that range from emergency response and clean-up to industrial maintenance and training. Founded in the year 1967 in Detroit, MPC has played important roles in many of modern history’s most serious pollution incidents.


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