Re-Shaping the Oil & Gas Sector
Trends Shaping the Oil and Gas Industry
Over the past few years we’ve seen a drastic drop in oil prices, and an equally drastic shift in oil and gas companies’ business models as a result. This has driven a completely different approach to how the production of oil and gas happens throughout the world. In order for producers to remain profitable at the current price per barrel rates, companies are looking for ways to increase their productivity and efficiency by employing innovative new technologies and digital solutions across their operation.
Standardization and simplification is also another key market trend that has emerged from this new economic reality, both as something that can increase efficiencies in our customers’ operations as well decrease the complexity of the supply chain.
Challenges Oil and Gas Sector is Experiencing
There are some big business challenges facing the oil and gas industry. In today’s price environment, companies are focused on efficiency and being able to get the most out of the ground for the least amount of money. At GE O&G, we’re creating and marketing competitive position regardless of the price of oil and looking at new and efficient ways to accelerate the adoption of technology within the industry. This includes using big data and analytics to identify how producers can better optimize their assets and increase productivity and efficiencies.
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