Unsung Workhorses of the Oil Industry

Unsung Workhorses of the Oil Industry

Historically, the world's biggest oil producers closely guarded their role as operator of their own fields convinced they alone could deliver the engineering necessary to extract their oil on time and on budget. Increasingly, however, over recent decades those producers have been ceding that role opting in many cases to manage their assets at arm's length, and allowing the world's increasingly sophisticated oilfield services companies to deliver cost-efficient production and, crucially, the oil-field innovation that Big Oil has long assumed it alone could deliver. The speed and manner in which this has occurred varies somewhat by geographic market.

1000
oil pump

The critical support service companies offer to operations and their handle on technological solutions have enabled national oil companies, integratedmajors and independents to managemuch more complex operations than they would have otherwise. Despite today’s sharp retrenchment and consolidation among the world’s service companiesIntroduction:Historically, the world’s biggest oil producers closely guarded their role as operator of own fields — convinced they alone could deliver engineering necessary to extract on time and budget. Increasingly, however, over recent decades those have been ceding that opting in many cases manage assets at arm’s length, allowing increasingly sophisticated oilfield services companies cost-efficient production and, crucially, oil-field innovation Big Oil has long assumed it deliver. The speed manner which this occurred varies somewhat by geographic market.critical support service offer operations handle technological solutions enabled national companies, integrated majors independents much more complex than would otherwise. Despite today’s sharp retrenchment consolidation among driven stubbornly low price these from US giants Schlumberger, Halliburton, Weatherford Transocean major international players such Technip, Wood, Aker Petrofac, continue for operations.As grow into space, risk. current environment may accelerate trend, leading them company operators new partnerships through risk can be shared project delivery optimized.This thought leadership piece also carried out unique research sector various regions, uncover level technical sophistication indigenous potential local value-added-content an issue great importance governments hopeful developing a high-tech industry country. results regional analysis appear back report. :— driven by the stubbornly low oil price — these companies, from US giants Schlumberger, Halliburton, Weatherford and Transocean to major international players such as Technip, Wood, Aker and Petrofac, continue to offer technological solutions for operations.

As oilfield services companies grow into this space, they handle more risk. The current low oil price environment may accelerate that trend, leading them and oil company operators into new partnerships through which risk can be shared and project delivery optimized.

This thought leadership piece has also carried out unique research of the service company sector in various regions, to uncover the level of technical sophistication of the indigenous service companies and the potential for local value-added-content — an issue of great importance to governments hopeful of developing a high-tech service industry in their country. The results of this regional analysis appear in the back of this report.

Full article

© 2024 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

 

For more detail about the structure of the KPMG global organization please visit https://kpmg.com/governance.

Connect with us