[ANALYSIS] 7 ways to achieve operational excellence in the current oil price environment
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The recent slump in oil prices has affected the oil and gas industry from the South China Sea to the Gulf of Mexico, squeezing operating budgets and assets alike. The Norwegian Continental Shelf (NCS) is no different.The oil production curve has been declining since its peak in calendar year 2000-01, and nowhere is augmented recovery from producing fields so important.
Norwegian companies have decided that a key instrument for slowing the combined effects of a production drop and weathering the storm whipped up by the oil price downturn is the implementation of operational excellence (OE) principles.
In the following analysis, we look at seven ways in which oil companies working in the North Sea are attempting to brave the oil price crisis and win in the uptick to come.