What are the ‘key growth drivers’ for the Oil & Gas Industry today?
Although the demise of Oil is still sometime away, the global Oil & Gas Industry is going through a major transformative period. With the impact of globalization and technical changes the industry is going through its toughest time. Also, the sensational drop in the oil prices, reflect rampant supply and weak global demand amid concerns over slowing economic growth around the world. A custom essay writer can write stunning essays on Oil and gas revenue for students.
But now there is a new hope of horizon, the Global Oilfield Equipment Market is expected to witness moderate growth in the coming years due to the increasing demand for oil and gas across the globe.
As the industry prepares to forge ahead with recovery, it is high time for the industry people to keep an eye on the areas, which will be important for growth and which job skills will be crucial to the future of organization. A survey report by PWC, conducted among Oil & Gas executives of nearly 38 countries says Innovation and digital transformation are key growth drivers in the years to come. 69% who participated in survey are focusing on organic growth over the next 1 or 2 years and 18% want to strengthen innovation to capitalize on new opportunities. However, to find someone to write my essay on Oil and gas revenue is always an option for students.
Below listed are the 3 major factors that are most likely to drive growth in the Oil & Gas Industry in the coming days:
Increasing Exploration of Unconventional Gas Resources
In recent years, the depleting conventional gas sources have resulted in a shift from conventional gas to unconventional sources. This in turn can lead to several challenges in the demand for natural gas across the globe. By shifting focus towards unconventional gas sources, the Oil and Gas Industry can reduce the dependency on conventional gas sources as well as reduce its carbon footprint. The extraction of unconventional gas requires horizontal drilling, which requires different equipment and technology for the extraction of gas from the reservoir. The college paper writing service is a perfect helping service for university students.
Rapid Technological Advancements
There has been a tremendous increase in technological advancements, which has led to the increasing usage of oilfield equipment in the market. The technological advancements resulted in the adoption of different types of drilling for oil and gas extraction such as horizontal and directional drilling. This in turn has resulted in the increased usage of various types of drilling equipment. When looking for someone to write my essay for me on topics like Oil and gas revenue, always rely on experts.
Generation of revenue is an important driver that influences the energy industry. Operating cost of a refinery is very huge and in many instances, this will affect adversely on offshore operations. Although the revenue generated is high, industry need to adapt itself to the global market. With the ever-increasing demand and dependence on these energy sources, it is hoped that this industry will continue to create revenue to invest in new exploration projects and technology, and the costs would gradually stabilise.
So, if you are an oil and gas executive peering out over 2017 and beyond, you should be prepared to pursue new drilling and extraction technologies and to increase your research into sustainability and clean energy. Continuous innovation and timely decision on policies is vital to the consistent performance of this sector. To start planning, oil and gas leaders in all segments might consider some fundamental questions: Do I have the right business models in place? How can my company develop new capabilities and in what areas? How should asset portfolios evolve? What type of technology plays should I invest in? A paper writing service online Is the best way to get pre-composed essays on Oil and gas revenue.
As companies address these challenges, we see many business models and strategic responses emerging in the future.