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What happens when the price of oil falls?

Posted: 12/01/2015
Hope is not a Strategy; What Happens When the Price of Oil Falls?
Instead of implementing lasting changes, do we, as suppliers in the upstream
industry, simply hope for the price to bounce back to save us? There is little incentive to change the way we do things when the oil price is high.
In 2015 however, the sudden and dramatic fall in the price of oil triggered a huge wave of cancelled or frozen investment decisions, and in doing so placed immense pressure on suppliers to find ways of reducing capital and operating costs. Yet the FPSO industry has become accustomed to a fixed set of approaches to planning, executing and operating FPSOs, and doesn’t appear able to deliver radical, lasting improvements.
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Posted: 12/01/2015