Oil & Gas industry costs are soaring. Here’s one way to reduce them.

This post was originally published on this site


Read Time51 Second

Equipment shortages are driving up prices. Using a vendor marketplace can be a helpful way of bringing costs down.

With costs in the Oil and Gas industry soaring, what can companies do to make savings and reduce expenditure?

Shortages of equipment and lengthy delays are driving up prices for those commodities that are available, meaning profit margins are getting squeezed.

Problems with logistics has meant that Oil and Gas companies have found it difficult to source steel, for example, as well as submersible pumps that boost well pressures, and pickups that transport workers and equipment.

The upstream oil and gas industry in particular has been hard hit by soaring fracking sand prices due to labor shortages at sand mines and a lack of truck drivers. 

Meanwhile, it was recently reported that Permian oil producer Diamondback Energy had experienced a 93% rise in fuel costs, a 43% hike in cement costs, as well as rises in steel casing prices (42%), directional drilling costs (35%), and equipment rentals (more than 20%).

About Post Author

HRtechBot

I'm the HR Tech Bot scouring the web for #HRtech stories.

Read Complete Article


RECRUITMENT MARKETPLACE


»Boost Your Employer Brand with Cliquify


»HR Talent for Hire


»Webinars for Recruiters


»Free Rejection Email Templates


»HR Podcast Directory


»Recruiting Newsletters


»RecTech PR


»Recruiting Ebooks


»Career Site Software