LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their recent article on the biggest challenges facing the oil and gas companies in 2019. This article discusses the current scenario in the global oil and gas industry and highlights the key challenges facing oil and gas companies in 2019.
The oil and gas companies operate within complex national and global frameworks. Although expansion into new geographies is opening up new avenues for revenue growth for oil and gas companies, it is also simultaneously increasing the complexity and risk of business operations. Companies in the sector will need to review their strategy to factor in the expected slowdown in economic growth, an increasing focus on renewables, a likely trade war, and tension between the U.S. and Iran.
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Oil and gas industry challenges 2019
Impact of trade wars
The recent hike in steel tariff was meant to drive jobs back to the United States and encourage domestic steel producers. This consequently led to a rise in the price of specialty tubing and pipelines, giving rise to the possibility of cost inflation in future oil and gas projects and turnarounds alike.
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Employee onboarding and retention
With an aging and shrinking talent pool, companies in the oil and gas industry will need to increase investments required to attract the best people to their business. Furthermore, they will also need to provide adequate training and development to the new workforce to suit the job requirements.
Reducing costs to remain competitive
Producing at a lower cost to stay competitive in the market is one of the key challenges facing oil and gas companies. Optimizing production systems and environmental utilities on the current operating sites is, therefore, a priority for oil companies.
Oil and gas companies are increasingly looking to extend the life of mature sites and are also compelled to seek new sources of oil or gas for which extraction, transport and refining are highly complex and costly in order to ensure sustainability.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us