Volume 5, Issue 6
Published: November 13, 2017
Creating oil transfer solutions for the 'new normal'

For many, 2017 will go down as a year in which the oil industry has had to adapt to a ‘new normal’. The winners in this climate are those adapting their business practices to become leaner, more flexible, and more efficient in the long-term – rethinking approaches from the bottom up and instilling practices for the long term, rather than employing cost-cutting measures as a quick fix.

Speaking at the beginning of the year, Tom Ellacott, senior VP of corporate analysis research at Wood Mackenzie, commented: “Overall 2017 will be a year of stability and opportunity for oil and gas companies in positions of financial strength…strengthening finances will still be a top priority. Capital discipline, cost reduction and deleveraging will frame corporate strategies in 2017.” This has largely turned out to be prophetic. According to research from classification society DNV-GL, 85% of oil and gas professionals saw cost management as a top or high priority for 2017, and a majority (63%) saw current cost-efficiency measures as marking a permanent shift towards leaner ways of working.

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