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Oil And Gas Back Office Statistics 2023: Facts about Oil And Gas Back Office outlines the context of what’s happening in the tech world.
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Top Oil And Gas Back Office Statistics 2023
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- By removing data wrangling and manual data input and fully digitizing essential daily field operations tasks like trip planning and data entry, Joyn decreases a normal workday for a lease operator, pumper gauger, or field tech by up to 25%.[1]
- Just 4% of businesses across all sectors can apply sophisticated data analytics to provide real commercial value.[2]
- With the use of these analytical advantages, oil and gas businesses may increase output by 6% to 8%.[2]
- LNG output for the months of January through July was 19.1 million tonnes, an increase of 9.6% from the same period in 20.21.[3]
- Liquefied natural gas output hit 2.3 million tonnes in July, up 25% from the prior year but down 7% from June.[3]
- Last month’s natural gas production was 36.5 billion cubic meters, which is 6.9% lower than June 2022 and 24.5% less than July 2021.[3]
- Russia produced 10.76 million barrels of more oil and gas condensate per day than it did in June (10.70 million ).[3]
- Automated control of annular pressure in high-GOR ESP Wells results in 14% more output and 97% fewer field visits.[4]
- About 53% of oil and gas employees cited job security as a worry in a workforce poll by the University of Houston.[5]
- Only 1-2% of oil and gas capital expenditures are allocated to new green energy projects; thus, corporations have almost infinite room to change their current hydrocarbon business models.[5]
- In the first half of 2020, worldwide GHG emissions decreased by 17%, and gasoline consumption declined by 30% because of the previously unheard of.[5]
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How Useful is Oil and Gas Back Office
The back office functions of an oil and gas company are responsible for a wide range of tasks, including financial management, human resources, supply chain and procurement, data management, compliance, and regulatory reporting. These functions are crucial for the smooth functioning of the company and require a high level of accuracy, speed, and coordination.
The implementation of efficient back-office systems and processes in the oil and gas industry has been essential in driving operational excellence and cost savings. By digitizing and automating routine administrative tasks, companies can free up human resources to focus on more strategic and value-added activities. This has not only led to increased productivity but also improved decision-making through timely and accurate data reporting.
One of the key benefits of an efficient oil and gas back office is the ability to manage financial resources effectively. With automated financial management systems in place, companies can optimize cash flow, monitor budgets, and identify cost savings opportunities more effectively. This is particularly crucial in an industry where managing capital and controlling costs is paramount for success.
Another area where an efficient back office proves to be valuable is in human resources management. From recruitment and training to payroll processing and compliance, managing the workforce efficiently is crucial for oil and gas companies. Automated HR systems can streamline these processes, ensuring compliance with labor laws and regulations while optimizing workforce productivity.
Supply chain and procurement are also critical functions of an oil and gas company’s back office. With the industry relying heavily on a vast network of suppliers and contractors, having efficient procurement processes can lead to cost savings and reduced risks in the supply chain. By implementing digital procurement systems, companies can improve collaboration with vendors, negotiate better prices, and track supplier performance more effectively.
Data management is another key area where an efficient back office can drive value for oil and gas companies. With massive amounts of data generated daily from exploration, extraction, production, and distribution activities, managing and analyzing this data is crucial for informed decision-making. Automated data management systems can improve data accuracy, integrity, and accessibility, leading to better decision-making and operational performance.
Compliance and regulatory reporting are also crucial functions of the back office in the oil and gas industry. With strict regulations governing environmental, health, safety, and financial aspects of operations, ensuring compliance is paramount. Automated compliance systems can help companies stay abreast of changing regulations, track compliance requirements, and generate accurate reports for regulators.
In conclusion, the usefulness of an efficient oil and gas back office cannot be understated. By implementing digital systems and processes to streamline financial management, human resources, supply chain and procurement, data management, compliance, and regulatory reporting, companies can drive operational excellence, improve decision-making, and achieve cost savings. Oil and gas companies that invest in modernizing their back-office operations will be better positioned to thrive in the evolving energy landscape.
Reference
- oilmanmagazine – https://oilmanmagazine.com/article/powering-the-digital-oil-field-with-integrated-saas-field-data-gathering/
- bain – https://www.bain.com/insights/big-data-analytics-in-oil-and-gas/
- reuters – https://www.reuters.com/business/energy/russias-july-oil-gas-condensate-output-rises-1076-mln-bpd-stats-office-2022-08-24/
- slb – https://www.slb.com/
- deloitte – https://www2.deloitte.com/us/en/insights/industry/oil-and-gas/future-of-work-oil-and-gas-chemicals.html