EPS’ Chief Operating Officer, John Pearson, yesterday asked industry leaders to think about the choices we face at the bottom of a cycle.
Addressing senior delegates at the ‘Petroleum Pioneers: North Sea 2018’ conference in London he said: “The beauty of a downturn in a cyclical market is that it’s followed by an upturn. We are going to get busier and as we do, we have a choice to make.
“The industry responded well to the cost pressures brought about by the decline in oil price but not all of these efficiencies will endure. In order to deliver long-term value, the whole supply chain must choose to fundamentally change the way it works.”
As well as enhancing trust and collaboration across the supply chain, John believes innovation is key. “This is why our digital agenda is so important”, he says. “We’ve chosen to trial and implement technologies that will reduce project costs, improve asset uptime and support enhanced safety. It’s all about making our services less expensive and more predictable.
“Today we’re pushing the boundaries of asset support through technology that enables us to become ‘ultra-efficient’. For example, we’re tapping into the asset data we have, and combining it with machine learning to predict how our assets will behave and fix things before they break.
“For the digital-natives amongst us that may sound obvious, but for the oil and gas industry at large, it’s relatively new and exciting territory.
“If the down-cycle brought effective response, the supply chain has an opportunity now to build enduring efficiency in the early up-cycle.”