COST EFFICIENCIES - AIDING THE ROAD TO RECOVERY

COST EFFICIENCIES - AIDING THE ROAD TO RECOVERY

By its very definition - 'a way of saving money, or of spending less money' - cost efficiency is still the name of the game to aid recovery in the oil and gas sector.


Oil & Gas UK recently reported:

The cost of oil and gas operations on the UK Continental Shelf (UKCS) has more than doubled over the last five years.

No other basin in the world has seen such rapid cost inflation and the UKCS is now the most expensive province in which to operate.

The basin is spending more than it earns. It had significant cost challenges when oil was at $110 per barrel, but with the oil price collapse the scale of the issue has escalated.

At the end of 2014, almost 20 per cent of production was loss making at a $50 oil price and over the year, that loss amounted to more than £4 billion across the basin.

There needs to be an urgent, structural reduction in the industry’s operating costs to place the industry on a more secure footing.


Since the rapid decline in oil price, every operator and producer has been tasked with ensuring efficiency savings are being made across the industry.


As a supply chain company, Lifting Equipment Rental backs this whole heartedly and we have been working hard to offer every client the most cost efficient options when it comes to rental of equipment for projects.


We urge the supply chain to do so also, with a view to inspiring others to be the backbone of support for our industry.


We are confident that the sector is on its way to recovery and together we can ensure a healthy and profitable energy industry once more.


Our well-maintained fleet is ready to deploy and ensures that we can respond efficiently and quickly to clients. We pride ourselves in having a 24/7 immediate delivery from stock and next day UK wide delivery service. All of our rental equipment is sent out in prime condition.


If you wish to speak to the sales team about how we can assist with your cost efficiency drive please contact sales@lerental.co.uk or call 01224 589323.

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