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When you hear of petroleum exploration, drilling and new discoveries, you think of the exploration and drilling firms as the only ones on the ground. But this is not the case, there are other companies actively involved but rarely mentioned; the oilfield service companies. These rarely talked of organizations are the ones which make the machines and equipment used in drilling and explorations by drilling companies. For this reason they are very important in the oil industry.
The oil industry is very tough and only firms which have the determination and muscle to go on survive and make profits. It is a risky and very profitable industry. Africa being a hot spot currently for exploration means more business for machine makers targeting that industry. The oilfield services are set to be big beneficiaries but only if they know the ways to make it.
Seismic testing for the purpose of mapping geological structure is one of the services the oilfield companies offer in the industry. Water and road transport of drilling rigs for the drillers is another service they offer. Some specialize on angle drilling while others specialize on horizontal drilling for many rigs are not drilled vertically down.
Innovation is the key for these firms to stay in business. Technologies come and go very fast such that a technology which is a hit today, tomorrow it may be totally phased out. Competitors will strive hard to release a better technology than the one you have and when they release it and it gets market acceptance, you lose customers. Each new day brings you another opportunity to research and be more innovative.
Also, they should be great decision makers due to the price swings in petroleum products which always affect the profits of the company. For the customers to be satisfied and good returns for the company, a reasonable decision made at the right time is involved. In fast changing business industry, bureaucracy should be averted in making decisions due to waste of time which can lead to unwanted consequences.
Hiring experts and nurturing talent can be expensive yet it has far reaching results. That said oilfield companies should have the best staff in their workforce for great service. New talents identified should be brought in and nurtured as they bring in new ideas and are innovators due to their inquisitive nature. As they rise in the company they feel a sense of being at home and will have outstanding results for the company.
Quality customer service and after sales services comes without a question. Any serious oilfield company should give their clients the best service and handle them with utmost respect. After sales services such as machine maintenance or free transport can win you many clients.
There are other ways which oil field firms can use to stay in business. On top of that as they handle an industry widely credited with global warming they should consider using green technology which will win their support from public. A publicly loved company will always be in business.
The oil industry is very tough and only firms which have the determination and muscle to go on survive and make profits. It is a risky and very profitable industry. Africa being a hot spot currently for exploration means more business for machine makers targeting that industry. The oilfield services are set to be big beneficiaries but only if they know the ways to make it.
Seismic testing for the purpose of mapping geological structure is one of the services the oilfield companies offer in the industry. Water and road transport of drilling rigs for the drillers is another service they offer. Some specialize on angle drilling while others specialize on horizontal drilling for many rigs are not drilled vertically down.
Innovation is the key for these firms to stay in business. Technologies come and go very fast such that a technology which is a hit today, tomorrow it may be totally phased out. Competitors will strive hard to release a better technology than the one you have and when they release it and it gets market acceptance, you lose customers. Each new day brings you another opportunity to research and be more innovative.
Also, they should be great decision makers due to the price swings in petroleum products which always affect the profits of the company. For the customers to be satisfied and good returns for the company, a reasonable decision made at the right time is involved. In fast changing business industry, bureaucracy should be averted in making decisions due to waste of time which can lead to unwanted consequences.
Hiring experts and nurturing talent can be expensive yet it has far reaching results. That said oilfield companies should have the best staff in their workforce for great service. New talents identified should be brought in and nurtured as they bring in new ideas and are innovators due to their inquisitive nature. As they rise in the company they feel a sense of being at home and will have outstanding results for the company.
Quality customer service and after sales services comes without a question. Any serious oilfield company should give their clients the best service and handle them with utmost respect. After sales services such as machine maintenance or free transport can win you many clients.
There are other ways which oil field firms can use to stay in business. On top of that as they handle an industry widely credited with global warming they should consider using green technology which will win their support from public. A publicly loved company will always be in business.
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