Four Oilfield Service Technology Pitfalls
and How to Avoid Them
Oilfield service is a tricky business for a number of reasons. Fluctuating demand driven by commodity prices is the root cause behind a number of the challenges executives in this industry face.
The challenge facing international oil companies and large independents in the intermediate future will be the effective management of capital projects. These projects are projected to consume as much as 35 percent of these companies’ cash flows. Oilfield services are a major input of these projects, which means that service organizations capable of meeting this demand consistently and profitably are primed for explosive growth.
However, many service organizations in the oil and gas industry are still using manual or paper-based systems to manage service contracts and work performed against them. That means the generation of contracts, quotes and work orders for specific projects and invoices is ad hoc processes handled either manually or in separate and standalone software products that hinder visibility.
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