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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Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

China places in the sea an 8-story, 25,000-ton steel giant, the largest offshore wind station in the world, capable of transmitting 6 billion kWh per year and bringing clean energy to areas increasingly distant from the coast.

Braking only in front of the radar and accelerating right after may no longer be an option for drivers, because BR-101 in Espírito Santo tested a system that measures the average speed over an entire stretch and caught a car at 124 km/h on a 60 km/h road.

Building a 95-square-meter house in 2026 can start at around R$ 185,000 at the reference base and exceed R$ 330,000 in high standard, but the final cost depends on the land, finishing, fees, and the region, with the South of the country being among the most expensive in Brazil.

A small church built in 7 weeks in 1961 stands surrounded by skyscrapers in Balneário Camboriú, the city with the most expensive square meter in Brazil, accommodating only 60 people and defying decades of verticalization and luxury on the coast of Santa Catarina.

Satellite images analyzed by Reuters reveal that China is building a vast network of over 80 launch platforms, bunkers, and communication centers in the Xinjiang desert near its nuclear silos, in an effort that analysts say aims to ensure the capability to retaliate in the event of an attack.

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:

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

The James Webb telescope spotted a planet 700 light-years from Earth with mornings full of sand clouds and nights with clear skies, the temperature difference between the two hemispheres reaches an impressive 170 degrees.

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China places in the sea an 8-story, 25,000-ton steel giant, the largest offshore wind station in the world, capable of transmitting 6 billion kWh per year and bringing clean energy to areas increasingly distant from the coast.

Braking only in front of the radar and accelerating right after may no longer be an option for drivers, because BR-101 in Espírito Santo tested a system that measures the average speed over an entire stretch and caught a car at 124 km/h on a 60 km/h road.

Building a 95-square-meter house in 2026 can start at around R$ 185,000 at the reference base and exceed R$ 330,000 in high standard, but the final cost depends on the land, finishing, fees, and the region, with the South of the country being among the most expensive in Brazil.

A small church built in 7 weeks in 1961 stands surrounded by skyscrapers in Balneário Camboriú, the city with the most expensive square meter in Brazil, accommodating only 60 people and defying decades of verticalization and luxury on the coast of Santa Catarina.

Satellite images analyzed by Reuters reveal that China is building a vast network of over 80 launch platforms, bunkers, and communication centers in the Xinjiang desert near its nuclear silos, in an effort that analysts say aims to ensure the capability to retaliate in the event of an attack.