The Dynamic Relationship of Oil and Gas Digitized Operations and Profit
The oil and gas industry is currently struggling to manage a new world order based on lower oil prices. Average oil prices have dropped to about half of what they were in 2010. During the extended period of time when oil prices were high, many oil & gas companies recognized that their project costs and timelines had gotten out of control. ROIs were high and the industry was making so much money that some of the inefficiencies in the process systems were overlooked. Industry stakeholders knew the good times would come to an end, but they did not know under what circumstances. Now, many experts believe that the low oil prices are here to stay. This current price crisis comes during a “perfect storm” of converging marketplace changes. Renewable energies and new methods for accessing, delivering and consuming energy, for example, are offering energy consumers with many more energy options. Generational attitudes are shifting as much of the traditional work force mo...