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.
There are a few services at disposal of oilfield services companies. These include Seismic testing which is used by oil industry to obtain an image of rock formations below the earth's surface and mapping it. They also transport rigs on road and water for drilling firms. The most important service the oil field firms get to offer is deciding the angle to drill considering the fact that most drilling is not done vertically down.
Innovation is the key for these firms to stay in business. Technologies come and go very fast such that a technology which is a hit today, tomorrow it may be totally phased out. Competitors will strive hard to release a better technology than the one you have and when they release it and it gets market acceptance, you lose customers. Each new day brings you another opportunity to research and be more innovative.
Also, they should be great decision makers due to the price swings in petroleum products which always affect the profits of the company. For the customers to be satisfied and good returns for the company, a reasonable decision made at the right time is involved. In fast changing business industry, bureaucracy should be averted in making decisions due to waste of time which can lead to unwanted consequences.
Hiring experts and nurturing talent can be expensive yet it has far reaching results. That said oilfield companies should have the best staff in their workforce for great service. New talents identified should be brought in and nurtured as they bring in new ideas and are innovators due to their inquisitive nature. As they rise in the company they feel a sense of being at home and will have outstanding results for the company.
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.
There are a few services at disposal of oilfield services companies. These include Seismic testing which is used by oil industry to obtain an image of rock formations below the earth's surface and mapping it. They also transport rigs on road and water for drilling firms. The most important service the oil field firms get to offer is deciding the angle to drill considering the fact that most drilling is not done vertically down.
Innovation is the key for these firms to stay in business. Technologies come and go very fast such that a technology which is a hit today, tomorrow it may be totally phased out. Competitors will strive hard to release a better technology than the one you have and when they release it and it gets market acceptance, you lose customers. Each new day brings you another opportunity to research and be more innovative.
Also, they should be great decision makers due to the price swings in petroleum products which always affect the profits of the company. For the customers to be satisfied and good returns for the company, a reasonable decision made at the right time is involved. In fast changing business industry, bureaucracy should be averted in making decisions due to waste of time which can lead to unwanted consequences.
Hiring experts and nurturing talent can be expensive yet it has far reaching results. That said oilfield companies should have the best staff in their workforce for great service. New talents identified should be brought in and nurtured as they bring in new ideas and are innovators due to their inquisitive nature. As they rise in the company they feel a sense of being at home and will have outstanding results for the company.
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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