Nowadays, oil and gas companies have grown considerably as a result of the shortage of resources. Oil and gas firms have built complex organizations with powerful and centralized functions to get to resources that are hard-to-find. This model of functioning has allowed oil and gas organizations to handle various technical challenges, manage operational as well as political risks, and organize the required talent globally. The oil and gas industry is expected to have the greatest difficulty and demand in the developing world. Decreasing reserves have obligated these oil and gas organizations to function in an unreceptive environment and even remote areas.
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According to the analytics experts at Quantzig, “Leading oil and gas companies are using technology to improve their decision-making process. They are able to tap new resources, increase recovery rates, and reduce environmental impact with the help of new and upcoming technologies.”
Major challenges in the oil and gas industry
- Minimizing costs to remain competitive: Today, one of the main challenges that the oil and gas industry is facing is producing refined industrial products and crude oil at a lower cost. Consequently, enhancing environmental utilities and system of production on currently functioning sites is the need of the hour for the oil and gas companies. This will help in increasing productivity in production and minimize extraction and refining costs. Request a demo to know more about our portfolio of analytics solutions.
- Performance improvement: Increasing the life of mature sites has become a significant requirement for the oil and gas organizations to continue their supply of crude oil or gas. Oil and gas firms are now looking for new sources of oil and gas for which extraction, transport, and refining are certainly more costly and complex. So, the oil and gas industry is faced with the challenge to guarantee that their plants are dependable and have no unanticipated shutdowns. Get in touch to know more about how we can help you overcome the major challenges in the oil and gas industry.
- Meeting environmental regulations: Since the oil and gas industry is the main consumer of energy and water resources, they are subject to severe environmental standards. This makes them reformulate their production, extraction, and distribution methods to maintain or get a license to operate. There is also the challenge of guaranteeing transparency in the environmental management of their processes. In countries like China, water has become a serious issue along with air pollution. So, in such countries, environmental standards are extremely regulated.
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Quantzig is a pure-play analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors.
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View the complete list of the major challenges in the oil and gas industry:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.