With prices at $50, the same 5% cut in production costs can make a huge difference to your assets profit margins.
This is why we are seeing a dramatic series of lay-offs in the industry.
This is why there has been a year-on-year >50% reduction in the North American active rig count.
And this is why asset owners are seeking to capitalize on advances in digitized asset management. For more than 15 years, we have been employing the best software development talent in the world, listening carefully to our clients, and honing our suite of software accordingly.
For years, OPEC has said it wasn't threatened by rising U.S. shale production, and that it would work to keep a floor under oil prices. Now, it has been caught napping, and as unconventional oil crept up to account for close to 10% of global production last year,
OPEC has started a war of attrition, and low prices are its best (and only real) weapon.
Combined with a tepid and now faltering global economic recovery, not least in China, the likelihood is that oil & gas will have to deal with tight margins for 5-10 years to come.
This is why the adoption of IAMTech's low cost, high return, asset management and maintenance software solutions is accelerating within the oil, gas & chemical industry.
IAMTech has been a pioneer in improving asset efficiency through streamlining maintenance, operations and safety processes in the oil, gas and chemical markets for the last 15 years.
Our software is being adopted by major names in the industry, from BP Chemicals & Exploration to Perenco & Petronas. Our growing success is the best testimony to the efficacy of our asset management software solutions.