Navigating a Tight Petrochemical Market: Expanding through Collaboration, Made Easy with Digital Recordkeeping
Times are tough for the petrochemical industry. The sharp decline in oil prices over the past year has left the current market volatile and uncertain. It’s led to cutbacks in investment and employment, with further cuts possibly on the way.
Petrochemical companies aren’t taking the news lying down, though. Even local governments are getting involved. A recent bulletin from the Scottish government pointed toward lower revenue raised from oil and gas companies. Rather than accept the lower earnings as a given, however, experts say that the government and petrochemical firms must work together to improve efficiency and production.1 In fact, the European industry body Gas and Oil UK just launched a taskforce aimed to do just that. The Efficiency Task Force (ETF), as it’s named, intends to help economic recovery in this sector by examining areas that can be optimized.2
One of those areas is collaboration and cooperation. In fact, all signs point to this being the key to maintaining profitability in these troubled times. For example, although it seemed like the global supply of oil rose from 2005-2014, the opposite is true. The main reason for the boom lay in the production of U.S. shale oil. If you ignore that source, the amount of global crude oil actually declined. More to the point, these crude oil sources will only continue to decline in the coming years.
Because of this, petrochemical companies are looking for other sources. More and more are turning toward extracting from hard-to-reach places such as deep sea areas. The shift only further emphasizes the importance of optimizing long-term efficiency. Subsea extraction presents a wide variety of challenges:
- The impact of the underwater environment on mechanical performance.
- Sealants, insulation, and oil need protection.
- Pipeline temperatures must be maintained to avoid clogging.
As a result, petrochemical companies are seeking out industry experts and partners.3 After all, they might not have in-house employees with the knowledge to tackle these problems.
Dassault Systemès’ Sustainable Product Industry Solution Experience Offers a Way for Petrochemical Companies to Collaborate
If the changing culture of petrochemical companies is shifting to one emphasizing partnership and collaboration, then it’s important for firms to have the right tools to support their efforts. One such solution is Sustainable Product, the new Industry Solution Experience from Dassault Systemès.
When conducting research and developing new products and technologies, it’s crucial that all data and information be recorded and organized. But what if you’re working with other people, teams, or even companies? While it’s certainly easy for everyone to have their own notebook, it’s definitely not the most efficient.
That’s where the Sustainable Product experience comes in. Sustainable Product offers capabilities that enable all data and information to be uploaded and stored in a centralized location. Because it’s a digital tool, collaborators don’t need to be at the same work site or even in the same time zone. As long as they have the proper credentials, users can access this information at any hour of the day from anywhere.
With Sustainable Product, efficiency is one of the primary themes. Small, manual tasks and processes that waste time and add inefficiency, like sending data sets via email and file format conversion are automated and streamlined. With Sustainable Product, researchers and scientists can use built-in sharing tools to notify their colleagues when one piece of the project is done and needs to be reviewed or moved on to the next phase.
Sustainable Product also leverages BIOVIA’s molecular modeling and predictive simulation solutions to discover and validate novel chemicals and materials that could take far longer to validate with physical testing. This is another way that the capabilities of Sustainable Product can accelerate the scientific innovation cycle.
As petrochemical companies look for ways to increase efficiency to protect their bottom line, collaboration will become more and more important. Whether it’s by optimizing productivity to lower operational costs or finding new sources of crude oil, partnerships will become necessary in order to support the required knowledge and innovation.
Is your petrochemical company searching for the right digital tool to support collaboration and partnerships? Contact us today to learn how the Sustainable Product experience can increase efficiency within your company, or learn more by reading about BIOVIA’s leadership in the chemicals, oil and gas industries with the white paper, “BIOVIA – The Leader in Sustainability Science.”
- “Scottish government lowers oil tax forecasts,” June 25, 2015, http://www.bbc.com/news/uk-scotland-scotland-politics-33268851 ↩
- “Oil & Gas UK launches efficiency taskforce,” September 2, 2015, http://www.bbc.com/news/uk-scotland-scotland-business-34121309 ↩
- “Industry collaboration is leading the way in pipeline innovation,” August 17, 2015, http://www.energyglobal.com/upstream/offshore-and-subsea/17082015/Industry-collaboration-is-leading-the-way-in-pipeline-innovation/ ↩