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Cutting OPEX with CAPEX Management Systems

An ongoing objective in the oil and gas industry is to improve value and keep up with demand while reducing capital expenditures (CAPEX) and operational expenditures (OPEX).

With a reduced workforce due to the pandemic, this objective is particularly imperative in 2021 now that the demand for oil and gas is back on track. To manage CAPEX effectively while minimising risks and improving supply chain agility, companies must move closer towards digitisation.

Key fact: The oil and gas industry lost over 100,000 jobs in 2020

An effective CAPEX management system must incorporate all facets of capital expenditure, from technical processes and risk management to worker behaviours and safety protocols.

Process automation will be key to optimising equipment usage during operations, particularly planning and exploration activities, which require a lot of high-risk and high-investment machineries.

Meanwhile, the use of AI-powered analytics can help operators track key metrics associated with performance and productivity, improving supply chain management by giving them greater visibility over the health of critical assets and processes.

Key fact: Oil demand is expected to rise by 5.5m barrels a day in 2021

Benefits

  • Proportionally lower OPEX

  • Improved risk management

  • Increased productivity at lower cost

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