In the competitive world of the oil and gas industry, companies are always looking for ways to increase efficiency and reduce operating costs. With advancements in technology, there are now several cutting-edge tools that can help achieve these goals. In this article, we will explore some of the top tools that companies can use to reduce their operating costs.
1. Global Methane Tracker
Methane emissions from oil and gas operations can be a significant source of cost and environmental impact. The International Energy Agency (IEA) has developed the Global Methane Tracker, which estimates that it is technically possible to avoid over 70% of today’s methane emissions from global oil and gas operations . By implementing measures to reduce methane emissions, companies can save money and reduce their carbon footprint.
2. Digital Invoice and Bill Payment System
Going paperless can also help reduce business costs. By implementing a digital invoice and bill payment system, companies can easily file all paperwork on their computer and eliminate the costs associated with paper, ink, mailing supplies, and postage .
3. Pay Invoices in Advance
Many vendors offer a discount if you pay your invoice early. Even savings of 2%-3% per billing cycle can add up. For example, if your annual operating costs are $100,000, paying invoices early and saving 2% can result in cutting your costs by $2,000 a year .
4. AI-powered Equipment
Artificial intelligence (AI) is being incorporated into traditional equipment used by oil and gas companies to lower costs. AI can help companies optimize their operations, reduce downtime, and prevent costly breakdowns. By using AI-powered equipment, companies can reduce maintenance costs and increase efficiency .
5. Expense Software
Expense software can help companies significantly control their spending and decrease operating costs. Companies like Divvy offer free expense software that eliminates costs associated with data entry, paper invoices, reimbursements, and company spends tracking .
6. EPPM Solutions
For oil and gas E&P companies seeking to mitigate risk, enhance efficiencies, and rein in costs while developing projects and managing project portfolios, Enterprise Project Portfolio Management (EPPM) solutions can provide robust collaborative tools. EPPM solutions can help meet those goals by providing transparency into the project lifecycle, reducing project delays and risks, and improving resource allocation .
The oil and gas industry is highly competitive, and companies are constantly looking for ways to reduce their operating costs. By implementing cutting-edge tools such as the Global Methane Tracker, digital invoice and bill payment systems, paying invoices in advance, AI-powered equipment, expense software, and EPPM solutions, companies can reduce costs, increase efficiency, and stay ahead of the competition.