There are two types of companies which play a major role in the oil industry. Among the two is the exploration and drilling which are mostly acknowledged across the globe and the oilfield service Companies. These establishments deal with petroleum exploration, drilling and new discoveries in the oil industry. Also, there is the almost never mentioned firms; oilfield businesses which help in producing machines and equipment to be of service to the drilling company.
The oil industry is very tough and only firms which have the determination and muscle to go on survive and make profits. It is a risky and very profitable industry. Africa being a hot spot currently for exploration means more business for machine makers targeting that industry. The oilfield services are set to be big beneficiaries but only if they know the ways to make it.
The services usually offered by oilfield services companies include Seismic testing. It involves studying geological structure below the surface as well as mapping it. They also assist the drilling firms in transporting rigs on road and water. Another key service they give is determining the angle which the drilling will be done since most drilling is not done vertically down.
To stay in business, the oilfield company should be innovative. The technology of yesterday will be obsolete today in a very dynamic industry like the oil industry. Just because one has the best technology today does not mean it will be the preferred one tomorrow since competitors are not sleeping on it. They will research harder to create a new one that will beat yours flat. Innovation is the key to stay in business, therefore take each day as a new day for new innovations.
Great decision making has always been emphasized since man started doing business and nothing has changed. To remain in business the management should be making timely decisions in the right time can bear really good results for the company and the customers. Bureaucracy should be a thing of the past in this very dynamic industry which can be hurt greatly by a delayed decision. This petroleum industry is characterized by wild price swings and this can hurt a business which takes long to make urgent decisions.
The oilfield companies are known to have the best staff for better delivery of services. Employing highly trained professionals and nurturing talent can be very expensive. The company therefore should single out new talents and bring them in to grow within the company giving the feeling of abiding by the rules and regulations and raising the company's value.
The company should have as many client as possible. To achieve this, the oilfield company should be able to deliver quality customer service and after sales services. Most excellent service and respect is all a company needs to conquer a clients' heart.
There are other ways which oil field firms can use to stay in business. On top of that as they handle an industry widely credited with global warming they should consider using green technology which will win their support from public. A publicly loved company will always be in business.
The oil industry is very tough and only firms which have the determination and muscle to go on survive and make profits. It is a risky and very profitable industry. Africa being a hot spot currently for exploration means more business for machine makers targeting that industry. The oilfield services are set to be big beneficiaries but only if they know the ways to make it.
The services usually offered by oilfield services companies include Seismic testing. It involves studying geological structure below the surface as well as mapping it. They also assist the drilling firms in transporting rigs on road and water. Another key service they give is determining the angle which the drilling will be done since most drilling is not done vertically down.
To stay in business, the oilfield company should be innovative. The technology of yesterday will be obsolete today in a very dynamic industry like the oil industry. Just because one has the best technology today does not mean it will be the preferred one tomorrow since competitors are not sleeping on it. They will research harder to create a new one that will beat yours flat. Innovation is the key to stay in business, therefore take each day as a new day for new innovations.
Great decision making has always been emphasized since man started doing business and nothing has changed. To remain in business the management should be making timely decisions in the right time can bear really good results for the company and the customers. Bureaucracy should be a thing of the past in this very dynamic industry which can be hurt greatly by a delayed decision. This petroleum industry is characterized by wild price swings and this can hurt a business which takes long to make urgent decisions.
The oilfield companies are known to have the best staff for better delivery of services. Employing highly trained professionals and nurturing talent can be very expensive. The company therefore should single out new talents and bring them in to grow within the company giving the feeling of abiding by the rules and regulations and raising the company's value.
The company should have as many client as possible. To achieve this, the oilfield company should be able to deliver quality customer service and after sales services. Most excellent service and respect is all a company needs to conquer a clients' heart.
There are other ways which oil field firms can use to stay in business. On top of that as they handle an industry widely credited with global warming they should consider using green technology which will win their support from public. A publicly loved company will always be in business.
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