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:

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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

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Cost Reduction and Carbon Emissions:

A village with 115 inhabitants wants new residents: it offers a house, a job, up to 44 thousand euros in benefits, almost free rent, an annual grant of 8 thousand euros for 3 years, and a 20 thousand euro incentive for businesses in the mountains of Italy.

NASA is offering US$ 750,000 to people from anywhere in the world who solve a problem that could decide survival on Mars: creating food for astronauts without relying on resupply from Earth.

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With an 88-meter wingspan, a capacity of 250 tons, six engines, and 32 wheels, the Ukrainian giant became the greatest symbol of extreme air transport and one of the most impressive machines in aviation history.

The United Kingdom removed approximately 1.8 million cubic meters of sand from the seabed and is depositing it all on 6 kilometers of beaches in Norfolk, in a mega-operation to curb erosion, protect coastal villages, and shield a vital gas terminal against the encroaching Atlantic.

After 16 years and almost 600 prototypes, a Chinese inventor unveils the world’s smallest and cheapest manned jet, at just 3.80 meters long and costing US$7.2 thousand in materials.

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