Notwithstanding the surge in oil prices that has benefited the oil & gas companies immensely by bringing more money to the table, there are several key challenges that need to be negotiated, including:
- Newer, more efficient technologies resulting in less fuel consumption than before
- Rise of electric vehicles and declining auto demand
- Significant focus on regulatory compliance and adherence to environmental and personnel safety
- Increasing cost of exploration and upstream operations
- Global operations resulting in inconsistent processes and practices
Procurement, with its increasing strategic reach, can help oil & gas companies generate more value by identifying cost-saving opportunities, redefining supplier relationships, increasing spend efficiency and mitigating supply chain risks, to name a few. Every segment within the oil & gas sector has its unique challenges and complexities. The common threat among them is the need to contain costs and drive efficiencies. Our 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.