Canadian Oil Producers Stagger Under the Pressure of a Coronavirus Economy
Calgary oil and gas companies are reeling under the current market conditions, but operational inefficiencies might be adding to the burden.
It would be difficult to find an industry that has not been impacted by the current COVID-19 pandemic, but the oil and gas industry is sustaining some of the hardest hits. Millions of business professionals are working from home instead of commuting and airlines practically grounded due to lack of business. When you consider that the market was already facing an oversaturation of supply, oil and gas companies are feeling the pinch now more than ever. Experts anticipate that the coronavirus situation is going to reduce demand for oil by up to 3.8 million barrels per day compared to 2019 demand, creating a long-term change to oil prices that will severely impact the market.
Make the Right Technology Choices for Your Oil and Gas Company
A multi-year price war for resources has oil prices falling, but the sudden dip in current consumption as a result of the national stay at home orders is what has Canadian oil and gas producers struggling to stay afloat. Production levels have been higher than anticipated for several years, leading to a glut of oil and gas in the market — and little demand with changes that the coronavirus pandemic has caused to working conditions. Millions of individuals throughout North America are sheltering in place or working from home, creating a significant shift in usage patterns due to the lack of commuting. While travel restrictions are expected to ease by the summer months, the damage will already have been done for many companies in the oil and gas industry.
With all of the upheaval that the oil industry is currently experiencing, finding ways to increase efficiency throughout organizations is becoming an integral component for long-term success. That means reviewing the current IT infrastructure for your organization to limit costs, boosting options for automation and adding a greater degree of consistency to your processes. Making the right technology choices for your oil or gas company includes reviewing everything from your cloud services to network security and proactive monitoring, to ensure that these solutions are right-sized for the current and future needs of your business.
Increase Efficiencies to Boost Stakeholder Value
In a time when many oil and gas companies are struggling to maintain operations, you must maintain a high level of productivity at all times. Creating a positive approach to your business operations and collaboration requires reducing friction whenever possible, something that can be difficult to manage when you’re only relying on internal IT staff. When you bring together the best solutions from throughout the oil and gas industry, you can work with your IT managed services provider to uncover additional efficiencies and reduce waste. This includes ensuring that you have secure and reliable access to technology platforms during times of economic upheaval as we are currently facing with the coronavirus crisis.
Companies of all sizes are struggling to maintain consistent operations in a world that has been changed dramatically in the course of a few weeks due to the COVID-19 pandemic. With both prices and oil demand dropping precipitously throughout the coming months, an increasingly competitive global market points to a greater need for productivity at each stage of operations. When you are ready to review your current IT infrastructure and look for ways to boost efficiency, contact the professionals at CTECH Consulting Group at 403-457-1478 or via email to firstname.lastname@example.org to schedule your complimentary initial consultation.