There are two types of companies which play a major role in the oil industry. Among the two is the exploration and drilling which are mostly acknowledged across the globe and the oilfield service Companies. These establishments deal with petroleum exploration, drilling and new discoveries in the oil industry. Also, there is the almost never mentioned firms; oilfield businesses which help in producing machines and equipment to be of service to the drilling company.
Only firms which are determined and ready to go the extra mile will survive in the very tough oil industry and be able to turn profits. The industry is high paying but risky too. Latest oil discoveries are making Africa a hotspot opening up new opportunities for these companies to take advantage of to grow and stay in business
There are a few services at disposal of oilfield services companies. These include Seismic testing which is used by oil industry to obtain an image of rock formations below the earth's surface and mapping it. They also transport rigs on road and water for drilling firms. The most important service the oil field firms get to offer is deciding the angle to drill considering the fact that most drilling is not done vertically down.
Innovation is the key for these firms to stay in business. Technologies come and go very fast such that a technology which is a hit today, tomorrow it may be totally phased out. Competitors will strive hard to release a better technology than the one you have and when they release it and it gets market acceptance, you lose customers. Each new day brings you another opportunity to research and be more innovative.
Something else that will make them relevant in the business is great decision making. A wise decision made at the correct time can make you very good returns besides making your customers a happy lot. Bureaucracy should be avoided in making decisions since time is of essence when you are in a fast changing industry. This industry is also characterized by price swings in petroleum products which affect profitability of all stake holders. A delayed decision can have outrageous repercussions.
The oilfield companies are known to have the best staff for better delivery of services. Employing highly trained professionals and nurturing talent can be very expensive. The company therefore should single out new talents and bring them in to grow within the company giving the feeling of abiding by the rules and regulations and raising the company's value.
The company should have as many client as possible. To achieve this, the oilfield company should be able to deliver quality customer service and after sales services. Most excellent service and respect is all a company needs to conquer a clients' heart.
Oilfield services companies can use many other ways to stay relevant in the business. The public loves companies that use green technology to reduce on emissions which are leading to global warming which has seen the earth polar melting. The pressure from public to drillers to get green will leave them without any option other than to buy your environment friendly machines.
Only firms which are determined and ready to go the extra mile will survive in the very tough oil industry and be able to turn profits. The industry is high paying but risky too. Latest oil discoveries are making Africa a hotspot opening up new opportunities for these companies to take advantage of to grow and stay in business
There are a few services at disposal of oilfield services companies. These include Seismic testing which is used by oil industry to obtain an image of rock formations below the earth's surface and mapping it. They also transport rigs on road and water for drilling firms. The most important service the oil field firms get to offer is deciding the angle to drill considering the fact that most drilling is not done vertically down.
Innovation is the key for these firms to stay in business. Technologies come and go very fast such that a technology which is a hit today, tomorrow it may be totally phased out. Competitors will strive hard to release a better technology than the one you have and when they release it and it gets market acceptance, you lose customers. Each new day brings you another opportunity to research and be more innovative.
Something else that will make them relevant in the business is great decision making. A wise decision made at the correct time can make you very good returns besides making your customers a happy lot. Bureaucracy should be avoided in making decisions since time is of essence when you are in a fast changing industry. This industry is also characterized by price swings in petroleum products which affect profitability of all stake holders. A delayed decision can have outrageous repercussions.
The oilfield companies are known to have the best staff for better delivery of services. Employing highly trained professionals and nurturing talent can be very expensive. The company therefore should single out new talents and bring them in to grow within the company giving the feeling of abiding by the rules and regulations and raising the company's value.
The company should have as many client as possible. To achieve this, the oilfield company should be able to deliver quality customer service and after sales services. Most excellent service and respect is all a company needs to conquer a clients' heart.
Oilfield services companies can use many other ways to stay relevant in the business. The public loves companies that use green technology to reduce on emissions which are leading to global warming which has seen the earth polar melting. The pressure from public to drillers to get green will leave them without any option other than to buy your environment friendly machines.
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