Thursday, August 28, 2014

Ways Oilfield Service Companies Make It In The Tough Industry

By Harriet Porter

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.

Only firms which are determined and ready to go the extra mile will survive in the very tough oil industry and be able to turn profits. The industry is high paying but risky too. Latest oil discoveries are making Africa a hotspot opening up new opportunities for these companies to take advantage of to grow and stay in business

Seismic testing for the purpose of mapping geological structure is one of the services the oilfield companies offer in the industry. Water and road transport of drilling rigs for the drillers is another service they offer. Some specialize on angle drilling while others specialize on horizontal drilling for many rigs are not drilled 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.

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.

The firms should be ready to spend to bring in new experts and to tap new young talents and help them grow. The inquisitive nature of young talents usually leads to new innovations and as they grow to high positions they feel they are a part of the team for as long as they are treated well. The talent brought in should be maintained in order to effectively compete with competitors.

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.

Oilfield services companies can use many other ways to stay relevant in the business. The public loves companies that use green technology to reduce on emissions which are leading to global warming which has seen the earth polar melting. The pressure from public to drillers to get green will leave them without any option other than to buy your environment friendly machines.

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