Driving efficiency in the Oil and Gas industry
The oil and gas industry has been under severe pressure since late 2014 when oil prices dropped significantly. The highly volatile international market and oversupply of oil has meant companies have had to reduce costs in one way shape or form.
Bill Kroger, co-chair of law firm Baker Botts told Rigzone in an interview that, “Energy companies may need to lower their prices in response to a drop in demand …. For this reason, we may see CAPEX [capital expenditures] begin to decline until there is some stability with oil prices,”
This has been evident in Australia where many oil and gas companies have reduced capital spending significantly. However, with a lot of oil and gas projects shifting towards the operational phase, how can we make processes and decisions more efficient and effective?
