Navigating Key Challenges in the Oil, Gas, and Energy Industry

Published on 18 Jul 2024

The Oil, Gas, and Energy industry is vital to the world economy. It generated $5 trillion in revenue in 2023 and accounted for roughly 3% of the global GDP. However, the industry faces many challenges that affect efficiency and safety. This guide looks at these challenges and how top companies have tackled them.

Challenge #1: Lack of a Single Source of Truth for Master Data

Many companies struggle with fragmented data. This means critical information is spread across different systems, making it hard to manage. Chevron faced this problem. They utilized four distinctive frameworks, driving to wasteful aspects and security issues.

Case Study: Chevron’s Solution

Chevron decided to transition to SAP S/4HANA, an integrated enterprise resource planning system. They utilized Prometheus Group’s arrangements to oversee information better. This included Master Data Governance, Planning & Scheduling, and Reporting & Analytics. The results were impressive. Scheduling, which used to take four days, now takes less than a day. This improved resource allocation and safety.

Challenge #2: No Accurate Way to Capture Information in the Field

Field data capture is tough in dynamic or remote environments. Many companies depend on manual strategies, leading to mistakes and delays. A large gas corporation in North America faced this issue.

Case Study: Mobile Solutions for Field Data

The gas corporation needed a mobile solution for IBM Maximo. They chose Prometheus Mobility. This arrangement made strides in compliance, resource unwavering quality, and real-time information collection. Field specialists can presently overhaul information in real-time, indeed without web access.This has made decision-making faster and more accurate.

Challenge #3: Inability to Visualize Interrelated Failures and Organizational Risks

The operations within the oil, gas, and energy sectors are intricate and fraught with risk. A problem in one area can cause issues in other areas, creating risks. Shell faced this problem. They needed a way to see and manage risks.

Case Study: Shell’s Use of RiskPoynt

Shell chose Prometheus RiskPoynt for risk management. This tool helped them identify risks better and communicate them across the organization. The visual dashboard moved forward security and decreased costs.

Challenge #4: Delays in Data Entry Due to Limited Mobile Options

Delays in data entry are common due to a lack of mobile options. This problem is worse in remote areas. Messer North America faced this issue. They used desktop-only solutions, which were slow and error-prone.

Case Study: Messer’s Mobile Data Entry Solution

Messer implemented Prometheus Mobility and Planning & Scheduling. This allowed technicians to enter data on-site. The results were significant. They reduced days sales outstanding by five to nine days and improved data accuracy. The mobile information section moreover streamlined upkeep and stock errands.

Overcoming Challenges Through Innovation

The challenges faced by Chevron, Shell, and Messer are common in the industry. These include data capture issues, risk management, and delays in data entry. Prometheus Group’s solutions help address these problems. Their tools improve work management, master data quality, and operational efficiency.

Prometheus Group offers several key solutions:

Master Information Administration: This ensures that all information is exact, total, and reliable.

Planning & Scheduling: Helps in planning maintenance activities efficiently.

Reporting & Analytics: Provides insights into operational performance.

Mobility: Allows field workers to capture data in real time, even without internet access.

RiskPoynt: A tool for visualizing and managing risks.

By using these tools, companies can streamline their operations, improve safety, and make better decisions. The case studies show that investing in the right solutions can lead to significant improvements. For example, Chevron reduced scheduling time from four days to less than one. Shell improved safety and reduced costs. Messer increased data accuracy and reduced sales outstanding days.

Conclusion

The Oil, Gas, and Energy industry is complex and faces many challenges. However, with the right tools and strategies, companies can overcome these challenges and achieve better efficiency and safety.

To learn more about how these solutions can help your organization, download our whitepapers today!