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The current landscape in the oil and gas sector is pressurizing players in the industry to re-evaluate their operations. Furthermore, oil and gas companies are also driven by cost-containment and sustainability challenges. To deliver and maintain a superior level of operational excellence, it is imperative for oil and gas companies to consider some critical factors including safety, reliability, productivity, and cost optimization. These factors play a crucial role in determining the economic viability of a drilling program in a given set of market conditions. At the same time, the growing level of complexity and scrutiny in the sector is increasingly creating roadblocks for companies in the sector to extract maximum benefits from the available opportunities for revenue growth.
Oil and gas companies are also faced with the challenge of altering and realigning their operations with the rapidly changing market variables. These factors coupled with a cut-throat market competition are driving a renewed focus on achieving operational excellence among oil and gas operators.
Designing and executing an effective strategy requires oil and gas companies to have a clear understanding of the rapid market changes. Want more insights on how we have helped some of the top companies in the oil and gas industry achieve this? Get in touch.
According to experts at Infiniti Research, some of the other operational excellence challenges facing oil and gas companies include:
- Gaining visibility into complex operations
- Dependency on third party suppliers
- Employee onboarding, retention, and training
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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