4 Tips For A Successful Oil And Gas Company

Our technical experts help decision makers understand, prioritize and manage operational security and performance and help ensure project success in a cost-effective manner. Operational improvements in the oil spill will be driven by the continued use of technology to drive results. Building digital capabilities will drive operational performance by streamlining processes and providing continuous data for analysis. Analytics enables companies to improve planning processes, improve production, improve safety outcomes, and reduce the number of employees.

System failure due to power outages or even minor power failures can have serious consequences. Typically, oil and gas production sites are among the most difficult and dangerous environments. Despite its size and importance, there is a surprising lack of basic knowledge about the oil and gas industry. Authors Andrew Inkpen and Michael H. Moffett have written a non-technical book to help readers with a technical background better understand the oil and gas industry.

Because of the direct impact on a company’s profitability, comprehensive monitoring should be implemented to track oil and gas fleets to ensure the best use of assets. With powerful data collection capabilities, telematics has evolved beyond simple location tracking. It enables oil and gas companies to get the most out of their fleet, while reducing operating costs and making fleet management easier and more effective. New revenue models have emerged across the OFSE sector, including performance-based contracts combining equipment and services, and participation in project financing. In this way, OFSE companies can offer operators more flexibility by reducing their cost base and the need for investments in difficult times. This puts more capital expenditure on the shoulders of OFSE providers, but it can also create a more stable revenue stream.

The current oil price climate is forcing major changes and difficult decisions within the oil and gas industry. Manufacturers need new business models that improve CAPEX and OPEX in order to respond to the dynamics of supply and demand a review medium account in the market in the short and medium term and to keep their business thriving. Based on this, digitization is gaining momentum, with data-driven solutions to improve performance, improve efficiency and ultimately reduce costs.

For nearly 3 decades, ERA has been a thought leader on how any oil and gas facility can design, develop and implement a system to manage and improve compliance tasks. Critical factors in developing oil and gas compliance management include knowing when your events should take place and who to assign them to within your company. There are numerous events, including tank emissions reporting, LDAR, continuous monitoring, greenhouse gas reporting, NESHAPS, and internal maintenance functions that require timely resolution. Upstream operators are looking for advanced services, such as Logging While Drilling, which allows well data to be generated during the drilling phase, rotating addressable drilling and smart terminations. OFSE companies should consider investing in such capabilities and increasing the use of digital technologies in general as a way to achieve efficiencies, win business, and help develop new business models and revenues. The industry has been slow to adopt digital techniques that are widely used elsewhere, representing a clear area of potential opportunities.

The digitization of energy must be a strategic priority for the organization of the future, as it enables remote operations and encourages human-machine collaboration. Digitalisation can also play a role in setting short-term emission targets, using standardised and credible reporting and liability tracking across the company. Trusted by companies of all sizes in the global energy ecosystem, we connect people, data, workflows and systems to help energy workers achieve remarkable results.