Oil and Gas

Trends and challenges

1. Offset impact of decreasing prices by enabling higher efficiencies

Lower prices of crude oil are increasing the pressure on operators and oil field service companies to enhance operational efficiencies, improve capital allocation and reduce exploration risk.

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2. Penetrate new markets seamlessly to increase business growth

With increased production and lower prices per oil barrel, companies need to enhance market access and reduce cost per trade within compliance-driven energy markets.

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3. Drive supply chain visibility and optimize asset management to lower costs

To improve margins in midstream and downstream operations, enterprises need to enhance supply chain visibility, increase market flexibility, manage escalating asset lifecycle cost, and optimize supply chain assets. Further, they need to maximize reliability and performance while accommodating strict regulatory controls.

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4. Changing regulatory environments and lack of skilled workforce require new training models

HSE and regulatory compliance require strong awareness programs. Oil and gas enterprises need to leverage innovative ways to train employees on these initiatives along with attracting and retaining personnel to address the shortage of skilled professionals.

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5. Leverage analytics, mobile, cloud, and industrial internet to become a digital enterprise

Mobile technology can help oil and gas companies reduce cycle time with real-time data capture and work management, facilitate improved flow of information and deliver improved customer service. However, enabling enterprise mobility requires strategic business transformation, flexible architecture and robust security solutions.

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6. Digital transformation and bi-modal operating models can align information technology (IT) and assets with business goals

To stay competitive, oil and gas companies need flexible models that leverage mature technologies to drive autonomy, efficiency, control, and incremental improvements. Owing to growing IT asset portfolios and mergers and acquisitions (M&As), these businesses struggle with duplicate systems, redundant functionalities, different versions of the system in different geographies, etc., leading to increased operational costs that do not align with business goals. They need cloud-based solutions that deliver greater processing power, storage capabilities, bandwidth, security and on-demand offerings.

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7. Macro-environment and competitive forces are driving M&As

Without the right approach and predefined goals, enterprises often struggle to manage the complexity in structuring, managing and integrating information technology during a carve-out transaction. Enterprises need to align their strategy across business groups, partners and IT along with robust up-front planning and detailed execution focus during and after the M&A to realize expected deal value and enable operational effectiveness.

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