Oil and Gas Consultants in the Current Landscape
Oil and gas consultants can provide a variety of skills and services that can benefit energy companies in a depressed market that we are facing today. With oil prices holding steady between $30 and $40, companies are calling on oil and gas consulting firms to help them cut cost and save dollars. A few of the services that can be provided come in the form of process and technology improvements and changes.
Energy focused consulting firms bring experience and knowledge not only of the overall industry itself but also the business processes that make a company successful. Oil and gas consultants can help a company identify gaps, inconsistencies, and redundancies in current business processes. Understanding the company’s current processes and helping the company adopt new and improved processes can allow companies to improve efficiencies and cut cost where applicable.
Technology is another resource that can be extremely valuable to oil and gas companies. Smaller (and some larger) oil and gas companies tend to rely heavily on Excel Spreadsheets. Excel can provide the user with a vast majority of tools that most users are already comfortable using. However, spreadsheets can also lead to tedious day to day operations that lack the transparency needed in the industry and are prone to user error. They can also cause headaches during audits. CTRM (Commodity Trading Risk Management) systems can streamline the day to day operations of the oil and gas companies. The systems can also provide visibility to data from the front to the back office in a timelier manner that allows the users to analyze and address issues efficiently. Less time spent capturing data will allow the business to focus more on analyzing the data and making key business and strategic decisions that will potentially better the oil and gas firm. Oil and gas consultants can provide insights into these technologies to companies and recommend how much or little consulting a firm will need in order to create a more efficient business. With an integrated system as the backbone of the company’s operations, audits are also much more seamless and transparent.