Oil Companies Can Cut Costs If They Invest in Supply Chain Optimization and Digitalization Operations

Written by Roberta Souza

Published on 24/02/2021 at 14:13

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IHS Markit, A Company That Assigns Identification Numbers to Various Sectors, Reported That Oil Companies Can Save Up to 18% by Investing in Digitization, Logistics, and Energy Efficiency

IHS Markit, a company that assigns IMO identification numbers for companies in various sectors, showed in an analysis that oil companies still have room for cost reduction, which can be achieved through investments in the resumption of operations, data analysis, energy efficiency, and optimization of the logistics chain. According to the British consulting firm, deep-water operations could save up to 18%.

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The consulting firm pointed out a series of measures that oil companies can take to reduce operational costs: the first type of action pertains to remote operations. Utilizing advanced technologies in sensor technology, communication networks, control, and IT infrastructure, for example.

“This change goes beyond the basic surveillance tasks that have been ongoing for years, moving towards more complex activities, such as complete asset control, true exception visit, facility inspection, and remote maintenance support,” says IHS.

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Cost Reduction and Carbon Emissions:

IHS Markit also stated that reducing costs and cutting emissions are not opposites. Instead, the consulting firm found that there is a close connection between the most efficient operators and those who best reduce carbon intensity in their assets.

The consultancy concluded by saying that “Supply chain and logistics optimization, along with remote operations, minimize the number of trips made and the number of kilometers traveled to perform the necessary work. The potential for efficiency improvement of 20% to 40% documented by IHS Markit would be accompanied by a similar reduction in vehicle emissions.”

Oil Companies Can Cut Costs If They Invest in Supply Chain Optimization and Digitalization Operations

IHS Markit, A Company That Assigns Identification Numbers to Various Sectors, Reported That Oil Companies Can Save Up to 18% by Investing in Digitization, Logistics, and Energy Efficiency

Check Out Other News:

Cost Reduction and Carbon Emissions:

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Oil Companies Can Cut Costs If They Invest in Supply Chain Optimization and Digitalization Operations

IHS Markit, A Company That Assigns Identification Numbers to Various Sectors, Reported That Oil Companies Can Save Up to 18% by Investing in Digitization, Logistics, and Energy Efficiency

Check Out Other News:

Cost Reduction and Carbon Emissions:

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

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