Accenture's Services for Upstream
Since the peak of oil price highs in July 2008, the global oil industry has experienced volatility, fluctuations and the overall impact of the global economic downturn. The day-to-day management of an oilfield services or energy business has grown increasingly challenging, and long-term planning requires acute vision, strategy and execution.
But one thing for international oil companies (IOCs), national oil companies (NOCs) and oilfield services companies to keep in mind is that the energy industry was already undergoing substantial change—even before the downturn. For example, ongoing trends include: the rise of NOCs; increasing levels of carbon and environmental legislation; oilfield services companies playing a greater role in industry development; a growing talent shortage; and the end of “easy oil.”
Nonetheless, upstream players presently face three categories of challenges:
Oilfield services companies are seeing their customer base change from oil majors to NOCs in emerging markets. There also is a growing overlap between the service offerings from oilfield services providers and operators. And the whole industry is facing the intensifying challenges of maturing oilfields and a restricted supply of talent.
The globalization of industry supply chains and operating models are putting traditional ways of doing business under strain. Aging infrastructure is creating an increasing need for investment and renewal. But the economic downturn and oil price volatility are intensifying the pressure for cost reduction and more effective utilization of capital, as well as a need for greater efficiency in operational models and project delivery.
The energy industry has limited influence over external challenges, but players still should understand and manage the effects. These types of challenges include oil and gas price volatility and the impacts of governments’ fiscal and regulatory change, reflecting environmental concerns and widening budget deficits.
Our Upstream Energy group provides exploration and production services including:
Business Process Workflows
Engineering, Project and Data Management
Corporate Services for IOCs, NOCs and oilfield services companies.
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