November 14 ,2015 | by Thiago Kiwi

New study on oil and gas industry released

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The results of a new study by Big 4 firm Deloitte has highlighted the state of the supply-chain between the oil and gas industries.

The highly respected business-advisory group, under which tens of thousands of dedicated professionals in independent firms throughout the world work together to provide services, has called for action to make sure the UK economy reaps the full benefits of the country's natural resources.

Collaboration

The research found that only 27% of the firms who took part in the survey felt that their efforts to collaborate across the industries had led to a successful conclusion.

This figure stood in stark contrast to the 90% who said that greater supply-chain collaboration would mean that their company would be more successful overall.

Deloitte commented in the report that “action needs to be taken quickly to increase supply-chain collaboration in the oil and gas industry and enable companies to get the maximum value from the UK Continental Shelf (UKCS).”

Deloitte director, Nick Clark, said: “While it’s encouraging that collaboration is seen by the industry as an important tool in helping companies to maximise the economic recovery of the UKCS, there’s clearly work to be done — and fast, given the current tough environment."

Financial incentives

Clark went on to explain that there were certain barriers to extended collaboration that could be tackled relatively easily. Factors such as the lack of effective financial incentives, a paucity of clear communication and the misalignment between operators and service companies of their expectations were also significant issues, he said.

Thiago is the LSBF Blog Editor who manages news and features content on the site, and writes about business, finance, technology, education and careers.

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