This year the Australasian Oil & Gas Exhibition & Conference (AOG) was another fantastic event: a three-day exhibition that brought together petroleum industry experts and forward-thinking minds in the oil and gas sector.

The key focus of the event was to display the latest in technology and products, and to hear from leading experts in the field.

The conference sessions at the event were split into three industry forums centred on Collaboration, Subsea and Knowledge. Topics included decommissioning, flow assurance, NDT, cyber resilience and the workforce of the future.

But the major topic of discussion for me — from discussions with speakers, visitors and exhibitors — was the industry-wide shift from major project construction to production and operations.

This shift presents some significant opportunities, and overall points towards a more positive attitude for the future of the industry.

Outlined below are three key insights from AOG 2018 that are crucial to understanding this change and the future of the industry.

3 key insights from AOG 2018

1. The era of megaproject capital investment is coming to an end

As you may have experienced, capital discipline has been the primary consideration in many businesses for the last few years.

After the industry downturn, many companies adopted a strict practice of cost control and focused on finishing up any projects that were already in the pipeline.

That is about to change. As these projects complete their construction phase, the industry is seeing an upswing operational expenditure.

2. Maintenance, repair and operations are now the key point of focus

The majority of Australian projects are now in, or about to enter, their production phase. This means that the focus has turned to the day-to-day expenses of maintenance, repair and operations.

With this shifting focus comes shifting sentiment. Attention has now turned to operational efficiency, downtime minimisation and supply chain value.

3. There is a positive change in attitude across the industry

Perhaps most importantly, there is far more positivity in the industry than has been seen in the last few years.

As businesses return to normal (that is, the state they were in before the industry downturn) there are increasing opportunities for jobs, growth and development.

And while there aren’t any large projects on the horizon just yet, it’s clear that the industry has turned a corner and more positive outcomes are on the way.

Be prepared for this change: maximise your value through the supply chain

With the shift to production and operations, efficiency is now critical. And key to optimising efficiency is ensuring the entire value chain is involved. This can be done through:

• Just In Time sourcing
• Vendor-managed inventory
• Collaborative system design
• Fit-for-purpose new product development.

The team at VFV can help you implement methods to maximise your value. We have the technical expertise you require to effectively design and implement your projects with the right equipment. Therefore, we’re able to ensure your project is safe, fit-for-purpose and economical — right from the design phase.

Using our global network of application engineers and suppliers, we can ensure you have access to the exact equipment you need when you need it.

After the positive discussions at AOG 2018, we’re eager to maintain that motivation and conversation by helping businesses prepare for the road ahead.

Want to be prepared for future opportunities?

Give me a call today on +61 3 9873 1400 or email me at [email protected] to talk about how you can maximise your value through the supply chain