Optimizing value by building alliances across the E&P chain

Five oil and gas companies operating on the UK Continental Shelf have recently joined Oil & Gas UK’s Efficiency Task Force (ETF) in a new online trading platform that should help drive the costs down. The trial will see five operators share 200,000 inventory items online.

According to Oil & Gas UK, with the access to a greater ‘virtual’ pool of resources, companies can reduce individual stock holdings and cut lead times for access to vital equipment.

Operator companies Apache North Sea, Centrica, EnQuest, Shell Upstream International and Talisman Sinopec Energy UK Limited have come together to trade their inventories in the hope of reducing the cost associated with the storage and maintenance of materials, the announcement said.

Following a tender process, the task force began work with Ampelius Trading on an online trading platform. Companies have been preparing details of their inventories since autumn 2015 to launch some 200,000 items of varying value on the trading platform.

In a low barrel price environment, everyone is looking at ways to reduce costs. Offshore Energy Exhibition & Conference will host a session named Optimizing value by building alliances across the E&P chain. This session looks at best practices in cost reductions, discussing both the role of technological innovation and the potential of new business models in supply chain optimization.

Join the Technical Conference Session during Offshore Energy Exhibition & Conference to be held on 25 and 26 October in Amsterdam, The Netherlands. More information on the “Optimizing value by building alliances across the E&P chain” session and the whole conference program can be found on the event’s website: www.offshore-energy.biz