5 Oil & Gas companies join Efficiency Task Force to Drive Costs Down
Posted on: 22/03/2016

Five major Oil and Gas companies who operate on the UK Continental Shelf (UKCS) have joined the UK’s Efficiency Task Force (ETF) in a new online trading platform with plans to help drive down costs.

The five operators- Apache North Sea, Centrica, EnQuest, Shell Upstream International and Talisman Sinopec Energy UK Limited- will share 200,000 inventory items online. Oil & Gas UK explained that companies will be able to reduce individual stock holdings with hopes it will reduce the costs associated with the storage and maintenance of materials.

Stephen Marcos Jones, Business Development Director for Oil & Gas UK, commented,

“In practice, if an operator doesn’t have a specific valve in stock, they’ll be able to access exactly what they need from a company down the road with surplus – rather than ordering a new part to be manufactured. That seems like a more efficient way to operate.”

Managing Director of Ampelius Trading, added,

“It has been estimated that power companies could save 15–20 per cent of their annual non-fuel procurement costs by adopting innovative procurement and inventory trading initiatives, we are confident that Ampelius is well placed to deliver similar efficiencies and cost savings for the offshore oil and gas industry.”

The platform is being run on an initial trial basis with the five operators, and if proved successful then Oil & Gas UK will aim to encourage other industries to participate in the trading platform.

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