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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Indian Teens Win National Geographic Award at Google Science Fair for Using Common Sour Fruit to Naturally Coagulate Rubber in 6 Hours, Reducing Production Time by 10 Hours

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