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Oil and Gas
Oil and Gas
Oil and gas companies—whether upstream, downstream, or mid-stream—face a wide range of industry-specific challenges, including new and evolving government regulations for air and water quality, and the need to better forecast prices in a highly volatile market (with fluctuating demand as well as fluctuating prices). There is also a shift in industry focus, from oil field exploration to exploitation, which raises issues related to “brown” (or mature) fields and sustainability.
Other challenges faced by the oil and gas industry:
the increasing costs of exploring leases, lifting, and processing/refining, as well as the costs associated with (downstream) transporting crude and refined oil and gas products to markets (this, combined with low price-per-barrel, is causing cash-flow problems that further inhibit exploration)
frequent merger and acquisition (M&A) activity in the oil and gas industry, which causes silos of under-exploited data, which in turn impedes decision making
procedures for billing well partners for their share of drilling costs that involve duplicate data entry and various paper invoices, which takes up substantial time and effort—and can be incorrect or inaccurate, adding complexity in the event of an audit
Oil and gas companies can overcome these challenges with any number of solutions that incorporate functionality specifically designed for the oil and gas industry. Some of these solutions include enterprise resource planning (ERP) systems with geographical information system (GIS) functionality; field operations or field services management (FSM) and records management systems (RMSs); oilfield radio frequency identification (RFID); planned maintenance systems (PMSs); and accounting systems with various functionality specific to oil and gas, including electronic joint interest billing (JIB).
Start Your Software Evaluation:
ERP for the Oil and Gas Industry (Upstream)
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