Performance or loss improvements?

Quote from recent Article in regards to Uk Oil and gas.

"Falling oil prices meant revenues fell to just over £24billion for the year - the lowest since 1998 and this, with rising costs, resulted in a negative cash flow of 5.3billion for the basin the worst since the 1970's.

Webb says: We have got ourselves into inefficient ways of working. If you look at the industries performance on production efficiency, that is a pretty sorry story. A decade ago production efficiency in the North Sea was about 80%. Today it has slightly recovered to something like 64%. It had fallen to as low as 60%.

So the way we have been doing things hasn't been that bright and we need to improve the efficiency and effectiveness of our operations.

In truth there are also problems with costs, but this is not all about cost cutting. Its about improving the efficiency and effectiveness of our operations'

Regards,

Peter.

0 Answer(s)

Support Spread

We need the support of our members to keep our forum online. If you find the information on spread useful please consider a donation

Donate