In a survey of more than 200 oil and gas leaders, 75% complained of rising operational costs.
Meanwhile, 46% said that maintaining business continuity and asset reliability are among their biggest operational pressures – highlighting a problem often pushed under the rug in operations.
Oil and gas markets have been notoriously volatile throughout geopolitical tensions and closure to the Straight of Hormuz, yet it seems that the pressure is piling on where it isn’t usually talked about with operation costs rather than raw materials or supplies.
As companies fight market uncertainty, the supply chain has taken the fall too – increasing prices throughout and making continuity difficult to achieve.
Andrea Monteleone, Segment Development Manager of Critical Infrastructure at Axis Communications (who developed the survey) said: “Utilities already invest in security technology to protect essential infrastructure. Our research highlights expectations for that technology to contribute more broadly to business intelligence and operational efficiency.
“Visual intelligence adds context to operational data, helping organisations understand events, recognise patterns and make better-informed decisions. The opportunity is to build on the technology’s protection role and make insights useful across the business.”
The survey then asked about its suggested solution – where and when earlier detection would be most beneficial for the industry.
The top answer was to identify critical asset failures, at just under half agreeing it would deliver the greatest business benefit. This may be the way forward to reducing operational costs whilst they rise uncontrollably – giving operators some much needed control in a volatile world.
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