In the United States – and indeed across the world – the oil and gas industry is facing volatile times. Economic and social factors are converging to fundamentally change the balance between regional production and consumption. Achieving a competitive market share is more of a challenge than ever before.
Oil and gas companies need to evolve their strategies to ensure they are equipped to stay ahead. With new market conditions come new opportunities – but the ability to innovate across the portfolio will be crucial to future commercial success.
The key challenges are to identify and capitalize on new opportunities, to plan and execute in a timely manner and to properly resource the strategy so that profitable innovation and operational efficiency are balanced. But when you are dealing with multi-million dollar portfolios, achieving visibility across the opportunities that exist and the company’s capacity to deliver to those opportunities is extremely difficult.