The oil and gas industry is, no doubt, one of the best things to have happened to many economies in the world. Countries that have been blessed with this natural resource are always the envy of their counterparts – and for good reason too.
However, that does not mean it is always rosy for the companies bold enough to stick their necks into this business.
As we approach a new decade, here are some of the top challenges that the industry will have to seriously address if they hope to stay sustainable for longer. And let’s see how we can deal with them with proper a talent scheme and IoT utilities.
Challenge #1 – Employee Retention
Although a lot of industries cherish their most experienced employees too, the oil and gas sector has to be on the top of that chain.
The place of experience beats any course or class that anyone could take here, and that is evident in how well the long-time players in this industry are paid. As we head into a new decade, though, there is a growing number of retirees – and it seems like there are not enough experienced people to replace them.
At the same time, the oil and gas industry is becoming more and more competitive, burdening each company with employee retention worries too.
Recommended Solutions: Instead of phasing out the older employees when they retire, they could be kept on board as consultants to the company instead. This is a great way to ensure their expertise is retained in-house, and they are not approached by rivals who can mine the company’s cutting edge from them.
At the same time, their influence is bound to rub off on the younger employees, helping to prepare the next wave of workers for the top seat.
Speaking of the new wave, better and competitive packages should be provided for them to prevent talent drain from the company.
Challenge #2 – Production Tracking and Monitoring
Oil and gas setups are some of the most extensive in the production sector. Doing all from extracting the raw material from the ground to processing and refining it, that is to be expected.
However, all parts of this process are so important that shutdown to one small part means a shutdown to the entire plant too.
With increased costs of doing business already in place, it would be highly counterproductive to suffer from downtimes of any kind.
Recommended Solutions: Proper tracking and monitoring of all the production process, from the oil wells through the numerous tanks to the final storage tank will eliminate this problem. Companies like Robustel have developed various IoT utilities that can be used to track the behavior and status of the various manufacturing bits in real-time.
These smart grid IoT utilities from the company are designed with a high level of industrial compliance, dual-SIM mode (to ensure you are always online) and personal VPN protection to keep your company’s data safe from hackers.
Conclusion
The oil and gas industry might be facing challenges from alternative forms of energy, stricter compliance, and depletion of oil wells, too, but it is not going anywhere anytime soon. Seeing as the world still relies largely on fossil fuel technology, solving the above challenges is key to meeting the world’s power needs.