Oil and Gas Industry Overview
The Canadian oil and gas industry continues to thrive despite the growing popularity of renewable energy. However, factors such as market volatility and fluctuating oil prices are exposing oil and gas companies to a variety of operational and financial risks. Owing to these risks in the oil and gas industry, companies are finding it vital to conduct oil and gas industry risk assessment.
The client is an oil and gas company based out of Canada. Volatile raw material prices, inability to expand reserves, operational hazards, and supply and demand challenges were hindering the profitability of the company. This subsequently impacted the company’s operational efficiency and production capacity. The client, therefore, realized the need to leverage oil and gas industry risk assessment solution to identify factors impeding their business growth.
Also, with Infiniti’s oil and gas industry risk assessment solution, the client wanted to:
Prevent operational risk from threatening profitability
Inadequate reserve estimates and challenges related to extraction and supply-demand management heavily impacted the production process of the company. And, this subsequently affected the company’s profitability. With Infiniti’s oil and gas industry risk assessment engagement, the client wanted to identify all the operational risks impacting their company’s overall growth.
Reduce financial risk
Economic downturns posed certain risks for companies in the oil and gas industry. Therefore, with Infiniti’s oil and gas industry risk assessment solution, the client wanted to take appropriate steps to tackle financial risks before they impact their business operations.
To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted oil and gas industry risk assessment. Our oil and gas industry risk assessment approach involved identifying, evaluating, and, managing industry risks.
As a part of the oil and gas industry risk assessment engagement, the experts at Infiniti Research also carried out market assessment to help the client keep tabs on target market segments, forecast demand-supply shifts, and provide insights on the potential impact of changing factors on business segments.
Also, by leveraging Infiniti’s expertise in offering supply and demand analysis solution, the experts helped the client to efficiently manage their supply chain and production processes.
With Infiniti’s oil and gas industry risk assessment solution, the oil and gas company was able to identify all the risk impacting their business operation and also prioritize them based on their severity. Also, they were able to efficiently implement risk management strategy. Furthermore, Infiniti’s oil and gas industry assessment helped the client to ensure 100% accuracy in production and realize 37% savings in operational cost.