LTTechnologyServices

Asset Management: An Elixir for the Business of Black Gold


Even as the world goes round for oil, figuratively, the $3.7 trillion oil and gas industry itself is faced with several challenges, all very real and some quite long-standing. Price and supply volatility, environmental concerns and regulatory obligations combine to make it one of the most difficult sectors to operate in, not to mention the evolution and use of technologies for extraction and resource discovery.
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In The Headlines

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Decommissioning in the United Kingdom: Continental Shelf and Delay Disputes


In recent years, the UK oil & gas industry has come under significant pressure. As Malcolm Webb, Chief Executive of Oil & Gas UK, said, “If the challenge facing our industry was significant when oil was at $110 per barrel, the scale of the issue has greatly escalated with the oil price collapse.” In 2014 production revenues amounted only to £24.4 billion, the lowest since 1998. This level is expected to fall to little more than £17 billion in 2015.
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Topic of Discussion

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Six Predictions on How the Oil & Gas Industry Will be Further Transformed by the Digital Economy


The recent fall in commodity prices has hit upstream oil and gas companies hard, impacting cash flow and restricting their ability to continue investing in high-risk projects. There is a pronounced shift from volume to value as they focus more on increasing the efficiency of existing assets rather than developing new ones. And yet, technology adoption has fueled massive shifts in global demographics, wealth, and consumer engagement. To thrive in these trying economic times, and be strategically positioned to capitalize on future prospects, it is critical that oil and gas businesses invest in developing a technology infrastructure that provides sustainable operational improvements, captures best practices and creates connections throughout the entire ecosystem.
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