Why to Invest During an Industry Downturn for the Oil and Gas Industry
Technology Investments Can Save Costs by Improving Efficiency
As demands on energy continue to rise, the oil and gas industry is faced with making critical decisions in how to meet those increasing demands amidst a downturn in oil prices, massive industry-wide layoffs, and budget cuts.
As a result of the current oil and gas industry economic environment, many oil and gas companies have put on their brakes on investments in new technology. However, heavy hitters like GE and BP agree digital technology is essential even in a slowing market. According to an April 29, 2016 Rigzone article, BP believes digital technologies such as sensors, data analytics and automated systems stand out as the leading ways to reduce costs in time of low oil prices.
SkyBitz®, the leader in commercial telematics, is right in-step with this growing trend of digitization, and has come up with a new technology solution to help the oil and gas industry uncover greater efficiencies, while streamlining its processes and reducing costs. Earlier this month, SkyBitz® released the world’s first ever two-way global satellite communication and tracking device, the Galaxy GTP4050. This system allows for businesses with operations in hazardous locations, or hauling hazardous materials, complete pole-to-pole visibility of their assets, even in the most remote locations on Earth.
The Galaxy GTP4050 was specifically created for oil and gas equipment with a self-contained rugged design and long service life via efficient battery power, allowing customers the ability to configure the device over-the-air and change reporting on the fly. An innovative 2-way satellite system, the Galaxy GTP4050 enables businesses to use their assets more efficiently, avoid misuse, and gain more accuracy with proof of delivery and billing. Overall streamlining processes, increasing business efficiency and customer satisfaction – a win in any economic market environment.
With these types of innovations, it will be the companies that are willing to invest in new technologies that will have the edge over those tightening their purse strings. Even GE’s Oil & Gas CEO Lorenzo Simonelli acknowledges in his Jan. 28 press statement the importance of investing in new technology, saying digitization has become not only a competitive differentiator, but increasingly a necessity.