It is common knowledge that the oil and gas industry has reached the end of "easy oil." New resources are more expensive to find and develop than the conventional resources that have provided oil and gas to the world for many decades. With high capital investment required, even companies with the strongest asset bases are experiencing the pressure to improve performance.
To better understand how exploration and production (E&P) oil companies can become more competitive, Accenture and SAP commissioned IDC Energy Insights to conduct a global quantitative survey with 40 upstream oil and gas companies.
Survey results indicate that the answer to better performance lies in better management of operations, referred to in this study as "production management" which includes production forecasting, production planning, well operations, and production accounting.
Source: IDC Energy Insights, "The Production Mandate," by Jill Feblowitz, February 2015.
The "The Production Mandate" report is copyrighted 2015 by IDC Energy Insights and is reused with permission.