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As upstream oil & gas companies, especially oilfield service suppliers, brace for a “lower for longer” environment in which the double-edge sword of technology and automation have created a supply-side driven problem (note not a demand side one) in which oil futures have plunged to below $30 for both WTI and Brent, ARC believes that IIoT enabled solutions are a sure cure for what ails many oil & gas companies.
It is no longer an “if” question on when upstream, midstream and even downstream oil & gas companies will embrace IIoT enabled solutions to lower the cost per boe, improve production or enhance collaboration, it has become a “when” question; that time is NOW for most companies if they want to thrive or even survive in today’s “lower for longer” market. Many E&P companies were able to ride out the initial oil price declines as a result of hedging the price on their oil for x number of months (or even years). However it is likely that many of those hedges are expiring and these same companies will face the ugly reality of extracting oil and gas at unsustainable prices which are at or even below their breakeven costs per boe.
ARC strongly believes that IIoT enabled solutions can provide benefits to companies across a number of operational areas and has blogged about these in the past. We welcome the opportunity to speak with any owner-operators, E&P companies, oilfield service providers, drilling contractors, automation suppliers, and related stakeholders that decide to brave the warmth of Orlando in February and talk about how they are, or will be or could be, leveraging IIoT enabled solutions in their operations.
It is no longer an “if” question on when upstream, midstream and even downstream oil & gas companies will embrace IIoT enabled solutions to lower the cost per boe, improve production or enhance collaboration, it has become a “when” question; that time is NOW for most companies if they want to thrive or even survive in today’s “lower for longer” market. Many E&P companies were able to ride out the initial oil price declines as a result of hedging the price on their oil for x number of months (or even years). However it is likely that many of those hedges are expiring and these same companies will face the ugly reality of extracting oil and gas at unsustainable prices which are at or even below their breakeven costs per boe.
ARC strongly believes that IIoT enabled solutions can provide benefits to companies across a number of operational areas and has blogged about these in the past. We welcome the opportunity to speak with any owner-operators, E&P companies, oilfield service providers, drilling contractors, automation suppliers, and related stakeholders that decide to brave the warmth of Orlando in February and talk about how they are, or will be or could be, leveraging IIoT enabled solutions in their operations.