The Top Seven challenges are
- To produce crude oil and refined industrial products at the lowest possible cost to remain competitive.
- The industry is facing the challenge to ensure that their plants have no unexpected shutdowns.
- Onboarding and retaining the best talent in the workforce are also part of the critical challenges that the industry is facing where the most experienced workers are about to retire in the coming five to seven years.
- Operational Excellence is about driving value and getting a decision maker’s approval on commitment towards process excellence is also one of the biggest challenges.
- With the government policies limiting carbon emissions, this industry is struggling to find out ways to improve the processes which reduce the environmental impact and meet stringent standards.
- Ensuring workplace safety is a Security challenge in this market which is regulated by strict legislative frameworks.
- Changes in Consumer Preferences and greater competition from alternative energy products pose another threat.By implementing the right solutions in response to the above-mentioned challenges, the Oil and Gas Industry can continue to prosper.
