Volatility and unpredictability in the oil & gas sector have not abated from the levels we’ve observed over the last several decades. Geopolitical and economic uncertainties, regulatory restrictions, changing global markets and supply risks are compelling oil & gas companies to up their game and adopt a dynamic approach to operations and processes. DIGITAL TECHNOLOGIES DRIVING INNOVATION
Notwithstanding the surge in oil prices that have benefited the oil & gas companies immensely by bringing more money to the table, there are several key challenges that need to be negotiated, including:
Procurement, with its increasing strategic reach, can help oil & gas companies generate more value by identifying cost-saving opportunities, redefining supplier relationships, increasing spending efficiency and mitigating supply chain risks, to name a few.
Unique Challenges
Every segment within the oil & gas sector has its unique challenges and complexities. The common thread among them is the need to contain costs and drive efficiencies.
Upstream
IPS Group has almost three decades of procurement expertise that spans consulting, technology and managed services. IPS Group’s procurement solutions for the oil & gas industry encompass spend analysis, category management, strategic sourcing, supply market intelligence, supply risk management, and much more.
Our team of industry experts is continually focused on identifying new avenues of growth and efficiency for our oil & gas clients, and accelerating the process of value realization.
Midstream
Amid several positive trends including new infrastructure needs and an increase in LNG exports, the midstream sector is still coming to terms with the impact of years of low oil & gas prices. Changing basin economics, tougher contracts and an influx of private equity money are making it difficult for businesses to target growth and value creation. However, cost reduction strategies and driving new efficiencies through digital technologies can jump-start the desired results.
Downstream
Operational excellence is critical for refining and petrochemical companies that are up against high price volatility and increasing regulations. As capital expenditure and investments increase, companies need to offset this by driving excellence in plant management and maximizing unit value, for starters. A lot of focus needs to be placed on adopting the right strategy and technology to foster innovation and efficiency.
Comprehensive and Value-Driven Solutions
IPS Group has almost three decades of procurement expertise that spans consulting, technology and managed services. IPS Group’s procurement solutions for the oil & gas industry encompass spend analysis, category management, strategic sourcing, supply market intelligence, supply risk management, and much more.
Our team of industry experts is continually focused on identifying new avenues of growth and efficiency for our oil & gas clients, and accelerating the process of value realization.
