The effects of crude oil prices can be felt around the world. The price of oil is near to an eleven-year low, and analysis by data trader Daryl Guppy, who writes for CNBC, predicts that the current trends might mean “prices have further to fall.” This current period of falling oil prices is challenging for everyone involved.
In our complex industry, which has continuous improvement in its DNA, there’s no single problem and therefore no silver bullet solution. Besides meeting the challenges presented by the geopolitics of oil production, companies must still address matters including the safety and productivity of its people, the protection of the environment as well as process and facility equipment, production availability and increasingly today, information and data.
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Below is a brief introduction:
The oil and gas industry is no stranger to challenges. After all, the industry has been able to extract fossil fuels from some of the most extreme and remote environments on the planet in a profitable and consistent manner for decades. These efforts have been characterized by the planning and execution of long-term projects that sometimes run into years, using sophisticated technologies. The high risk involved in such long-term projects where large, upfront investments were required, often depended on clear and accurate assessments of variables such as oil field output potential, predictable (and rising) oil and gas prices, and optimal configurations of refineries.
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Looking forward to reading from you and accurately address your specific issues!
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