This industry is one of the largest sectors in the world and generates trillions of dollars in revenue, and is crucial to the economic framework of the world. There is significant complexity and nuances to how the oil and gas industry operates on a day-to-day basis depending on the areas each company is involved in.
These businesses are primarily involved in exploring and producing oil and gas. These companies will search the world for the reservoirs of these materials and after locating them, will extract them. There is a high risk, high reward in engaging in this business and the significant technological resources required to execute these tasks with velocity make it one of the most challenging segments in the industry to service.
After the oil has been extracted, it has to be transported. This is where midstream comes into play as these companies will move the raw materials to places where they can be refined by either ship, truck or pipeline. Midstream companies also provide storage of these materials.
As midstream deals with movement, downstream companies refine the oil and gas products by removing impurities to convert the oil and gas to products for the public, including gasoline, jet fuel and asphalt.
There are significant challenges that these companies face on a day-to-day basis, but some of the commonalities that they face include, but are not limited to:
Producing oil and refining products at a lower cost is always a challenge. Optimizing the systems in place for production and the utilities already in place is a high priority, so the production efficiency is essential.
Many companies are trying to reduce their carbon emissions and overall ecological footprint. With the more stringent legislation in place when it comes to Environmental, Social, and Governance (ESG) reporting under consideration as well, companies have to continually adapt to become more environmentally conscious each day.
As the industry gets more advanced, technological changes continue to ramp up. Ensuring that your workforce is up-to-date and able to use whatever new tech you employ is essential to improving your business overall.
Cost reductions can come from many areas of your business, but streamlining processes through workflow automation, data visualization, and more efficient data consolidation will make an immediate impact on your company. This can be in your refining process, ESG reporting, or when your company looks at adopting new technology in the field. Every company is looking for ways to improve, and technological advancements can be an answer to what challenges you face on a day-to-day basis.
At LT3 ATG, we are experts in streamlining your workflow, ensuring that your data can be seen in a format that is convenient to you while ensuring that it is consolidated and secure. We specialize in refining the processes of your business, which will increase your efficiency and directly affect your revenue. We will evaluate your business model to find where these efficiencies are, how to resolve them and how to implement tailored technologies for your business. Ready to see how you can take the next step? Book your consultation today!
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