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LiveWorx 2018

s936 - Beyond Cost Cutting – The Imperative for OFSE Companies Creating Efficiencies to Operate Sustainably Over the Long Term

Session Description

Today’s upstream oil field services and equipment (OFSE) companies are facing sustainability challenges due to oil price decline and pressured price cuts. The first imperative of the companies is to simplify the operations and generate more sustainable efficiencies. Companies are thriving to create a leaner organization that can help sustain in low price environment for years. Companies are looking to collaborate closely with their customers on a range of moves that radically restructure the cost base of the industry by engineering out cost, developing more efficient products and processes, and seeking novel business models to better align with incentives. The key moves focus on reducing internal costs, reducing customer costs and optimize company portfolios. Under optimization of company portfolios the technology enablement that lowers the condition based equipment maintenance costs and using advanced analytics to identify opportunities to optimize equipment maintenance spend are the key optimization areas with a targeted 40% cost savings. This presentation aims at unfolding OFSE customer success story & strategy, which made right choices to embrace PTC’s technology platforms to gain real-time access & visibility to ALS Pump Operations, Monitor operations, Analyze historical data, leveraging pump digital twin for maximizing performance and preventive maintenance to significantly optimize operations cost.

Session Presenter
Additional Information
Oil & Gas
Digital Oil Field
Learn how to create efficiencies to operate sustainably over the long term, beyond cost cutting.
Learn about technology enablement for simplifying the operations and generating more sustainable efficiencies.
Breakout Session
45 minutes
Session Schedule