LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the key procurement challenges in the oil and gas industry.
The oil and gas category in the US is flourishing due to the discovery of international offshore oil fields. Rising exports and imports are also contributing towards the growth of the sector. However, factors such as increasing interests for liquified natural gas, ever-changing regulatory frameworks, and the emergence of battery electric vehicles are growing complexities for businesses. Companies are therefore compelled to re-evaluate their operations and address market demands while addressing decarbonization policies.
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At SpendEdge, we understand the relevance of category insights in identifying and tackling different challenges. Therefore, we have highlighted the key challenges faced by companies in the oil and gas category.
Major Challenges in the Oil and Gas Industry
Companies in the oil and gas industry need to look at the cost on a Whole Life Cycle. Producing crude oil is an expensive process and requires high capital investment. This is one of the major risks facing the oil and gas industry as companies usually have to venture into marginal fields to remain competitive in the market.
Want to know how you can optimize the production process and avail cost benefits? Reach out to our experts for industry-specific insights.
Supply Chain Visibility
Oil and gas companies operate in an extremely challenging physical environment. They have complex business operations that make improving supply chain visibility a daunting task. Moreover, volatile oil and gas prices, complex regulatory norms, and third party suppliers add to the complexity of the process and make it difficult for companies to optimize their performance.
Analyzing the complexities in the oil and gas category is crucial for companies to better manage the supply chain. Request a free demo to access our web-based procurement platform and obtain category supply market insights.
Companies operating in the US now need to rethink extraction, production, and distribution methods to continue their operations. They must abide by the latest 2016 Paris Agreement negotiated under the United Nations Framework Convention on Climate Change and ensure their participation in keeping the global temperature low.
To know more about the procurement challenges in the oil and gas industry, Request more information from our experts now!
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