What the Global Upstream Oil & Gas Industry Is Planning In 2010-2011: Procurement, Investment & Industry Trends Outlook10 Dec 2010 • by Natalie Aster
London – “The majority of respondents from the upstream and downstream oil and gas industry identified China, Brazil and India to be the fastest growing regions in next 12 months among emerging markets due to favorable economic conditions, increased consumption of oil and gas and improved infrastructure facilities.”
The report “What The Global Upstream Oil & Gas Industry Is Planning In 2010-2011: Procurement, Investment & Industry Trends Outlook” by iCD Research analyzes how upstream energy companies spend, procurement strategies & practices and business planning will be shaped in 2010 to 2011.
The majority of upstream and downstream oil and gas companies will be increasing procurement spend over the next 12 months. The average size of the global, annual procurement budgets among upstream oil and gas companies is US$207.3m. 39% of upstream and downstream oil and gas industry buyers agree that in order to maintain and win their business, suppliers will have to engage in partnership to optimize working capital and reduce costs.
Published: February 2010
Price: USD 2,000.00
Report Sample Abstract:
The leading business concerns in Q4 2009 remained the same as in the Q2 2009 survey1 with the exception of ‘retention or recruitment of skilled staff’ which finds its place as the third most important concern. This clearly indicates that demand is rising across the industry with the growth of the businesses and companies are again in hiring mode. This can be explained by the fact that in 2009, the industry has undergone significant levels of layoffs due to economic slowdown. As a result, the industry is facing the potential problems such as understaffing / increased workloads for remaining staff and loss of talent / inability to attract talent. Consequently, hiring and retention of talent has become one of the biggest short term challenges for the industry.
Among industry supplier respondents, ‘develop / improve IT systems’ is notably of greater importance to effect cost control, which shows that a better part of the oil and gas industry suppliers are concentrating on automation of processes with the intention of reducing cost and manpower.
Development and improvement of IT systems include updating ERP (Enterprise Resource Planning) system, automation of manufacturing processes to reduce cost and wastage, and latest technology to reduce accidents. Some supplier respondents voiced that using new technology to reduce power wastages by utilizing alternative or green energy in their processes could also help cut production costs significantly.
More information can be found in the report “What The Global Upstream Oil & Gas Industry Is Planning In 2010-2011: Procurement, Investment & Industry Trends Outlook” by iCD Research.
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