Open HSI menu
Subscribe Login

Home / Articles and Press Releases / Article / PETROLEUM INDUSTRY NEEDS “STRATEGIC COST TRANSFORMATION”

CATEGORIES

  • Latest Issue
  • Above The Neck Protection
  • Chemical Protection
  • Confined Space
  • Construction
  • Emergency Procedures
  • Energy, Oil and Mining Industries
  • Eye Protection
  • Fall Protection
  • Gas Detection
  • Hand Protection
  • Hazardous and Explosive Atmospheres
  • Health and Safety Awareness
  • Hearing Protection
  • Heat and Flame
  • Lighting and ATEX
  • Noise Monitoring
  • Personal Protective Equipment
  • Respiratory Protection
  • Safety Footwear
  • Safety Technology
  • Safety Training
  • Slips, Trips and Falls
  • Wellbeing at Work
  • Working at Height
  • Working Rights

MORE

  • Press Releases
  • Events
  • Videos
  • Webinars
  • Magazines

COMPANY

  • About
  • Advertising
  • Newsletter
  • Contact
Open HSI menu
Subscribe

Home / Articles and Press Releases / Article / PETROLEUM INDUSTRY NEEDS “STRATEGIC COST TRANSFORMATION”

CATEGORIES

  • Latest Issue
  • Above The Neck Protection
  • Chemical Protection
  • Confined Space
  • Construction
  • Emergency Procedures
  • Energy, Oil and Mining Industries
  • Eye Protection
  • Fall Protection
  • Gas Detection
  • Hand Protection
  • Hazardous and Explosive Atmospheres
  • Health and Safety Awareness
  • Hearing Protection
  • Heat and Flame
  • Lighting and ATEX
  • Noise Monitoring
  • Personal Protective Equipment
  • Respiratory Protection
  • Safety Footwear
  • Safety Technology
  • Safety Training
  • Slips, Trips and Falls
  • Wellbeing at Work
  • Working at Height
  • Working Rights

MORE

  • Press Releases
  • Events
  • Videos
  • Webinars
  • Magazines

COMPANY

  • About
  • Advertising
  • Newsletter
  • Contact

CATEGORIES

  • Article
  • Press Release
  • Above The Neck Protection
  • Chemical Protection
  • Confined Space
  • Construction
  • Emergency Procedures
  • Energy, Oil and Mining Industries
  • Eye Protection
  • Fall Protection
  • Gas Detection
  • Hand Protection
  • Hazardous and Explosive Atmospheres
  • Health and Safety Awareness
  • Hearing Protection
  • Heat and Flame
  • Lighting and ATEX
  • Noise Monitoring
  • Personal Protective Equipment
  • Respiratory Protection
  • Safety Footwear
  • Safety Technology
  • Safety Training
  • Slips, Trips and Falls
  • Wellbeing at Work
  • White Papers
  • Working at Height
  • Working Rights

Article

PETROLEUM INDUSTRY NEEDS “STRATEGIC COST TRANSFORMATION”

By ADIPEC

| Read Bio

Published: November 02nd, 2016

Share this article

The Middle East petroleum industry must take a strategic approach to cost transformation in order to maintain a competitive place in today’s challenging oil economy, according to global management consulting firm A.T. Kearney.

Fluctuating oil prices have made it critical for businesses to make a ‘step change’ in their operating models to remain agile and resilient amid ongoing market variability, said Richard Forrest, Global Lead Partner of A.T. Kearney’s Energy and Process Industries Practice.

Speaking at a recent Al Multaqa networking event held exclusively for members of the Middle East Petroleum Club (MEPC), a prestigious oil and gas industry membership club initiated by the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Forrest said the oil price outlook requires a structural response from both national and international oil companies.

“The current oil price outlook requires all companies to take a hard look at costs. Oil companies need to prepare for a future with continued market uncertainty – it requires a structural change from across the industry,” said Forrest, who will also be speaking at ADIPEC in November. “Strategic cost transformation goes beyond today’s traditional response of delaying projects and renegotiating with suppliers.”

North American shale companies have been among the first to respond to this new market environment. With bold ambitions and new innovative thinking some players have managed to drastically cut upstream costs by more than 50 percent in the past couple of years.

“We are at a critical point in time where oil companies globally need to reflect and act on the oil market outlook,” said Forrest. “Industry leaders will look to implement the next wave of comprehensive strategic cost transformation. They will consider how to optimise their portfolio, reduce costs across the value chain collaborating with suppliers and other operators, reshape their operating models, and explore how best to leverage the abundance of M&A opportunities in the market.”

Forrest will share his insights during a panel discussion on operational excellence at ADIPEC’s exclusive VIP Programme, which invites industry officials, experts, and decision makers to engage in open dialogue with MEPC members in the controlled privacy of the club.

Established as the world’s most influential exhibition and conference for the oil and gas industry, ADIPEC has a longstanding track record of bringing together globally celebrated luminaries and experts to discuss challenges and opportunities in the energy sector. The annual four-day event will take place from 7-10 November 2016 at the Abu Dhabi National Exhibition Centre.

Share this article

ABOUT THE AUTHOR

ADIPEC

From a world-class exhibition that provides technologically innovative solutions from more than 2,500 companies across the upstream supply chain, to one of the most expansive technical and strategic conference programmes in the world where over 700 speakers share their expertise, ADIPEC brings together a global audience and provides a vital export opportunity for countries looking to do business with the World’s Oil and Gas companies. Furthermore ADIPEC is now a proven platform for bi-lateral trade and a proven investment platform.

Visit Website

POPULAR POSTS BY ADIPEC

Priogq7idseqkjphblff - hsi -

Press Release

ADIPEC 2016 Consolidates Position as Global Knowledge Meeting Place for the Oil and Gas Industry

Article

PETROLEUM INDUSTRY NEEDS “STRATEGIC COST TRANSFORMATION”

Article

Gender Balance in Energy Sector

Article

Evolving Energy Mix Shapes Oil & Gas Investments

Get email updates

Sign up for the HSI newsletter

Keep up-to-date through the power of email with Europe's largest audited safety magazine - delivering the latest news and products to satisfy all your occupational safety needs.
  • This field is for validation purposes and should be left unchanged.

FEATURED ARTICLES

Article

 Thameslink Traffic Management Programme

Press Release

‘Working At Height’ Remains Biggest Danger

Press Release

“Uncertainty and Ignorance” Risks More Asbestos Deaths

Advertisement

SOCIAL MEDIA

HSI on Facebook

https://www.facebook.com/HSIMagazine/

Advertisement

SOCIAL MEDIA

HSI on Twitter

hsimagazine HSI Magazine @hsimagazine ·
25 Jan

Global gas sensing leader @ionscience has today formally announced the addition of a high-specification Particulate Matter (PM) sensor to its portfolio.

Read all about this exciting addition!
https://www.hsimagazine.com/press-release/worlds-best-performing-particulate-matter-pm-sensor-now-available-from-ion-science-ltd/

#hsimagazine #ionscience #particulatematter

Reply on Twitter 1618280038557970432 Retweet on Twitter 1618280038557970432 Like on Twitter 1618280038557970432 Twitter 1618280038557970432

Advertisement

SUBSCRIBE

Stay up to date with our newsletter

    • Keep up-to-date with Europe’s largest audited safety magazine

 

    • Delivering the latest news and products to satisfy all your occupational safety needs

 

This field is for validation purposes and should be left unchanged.

Subscribe

SUBSCRIBE TO HSI MAGAZINE

5 reasons to subscribe to our digital and print package

  • Stay up to date from anywhere in the world, with instant access to the latest issue straight from your phone, tablet or laptop.
  • Trust that you’re getting the best content from our range of internationally accredited authors.
  • Get full access to our archives and see how occupational safety has evolved with us over the years.
  • Enjoy our monthly newsletter curated with up-to-the-minute news and a selection of editor’s top picks.
  • Hot off the press and straight to your door – look forward to your own glossy copy of HSI, delivered five times a year
Subscribe View Subscription levels

STAY SAFE & INFORMED

Subscribe to the best health & safety articles, news, products and regulations

Find out more

Stay up to date with our newsletter

  • This field is for validation purposes and should be left unchanged.

ABOUT

  • About HSI International
  • Advertise
  • Contact Us

YOUR ACCOUNT

Sign In Register Account Subscribe to HSI

RESOURCES

Request Media Pack

CONNECT

ACCREDITATIONS

Copyright Bay Publishing 2023. All Rights reserved.

Designed & Built by:
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT