How To Reduce Operating Costs on Oilfields

February 7, 2023
How To Reduce Operating Costs on Oilfields

These days, every industry is looking for ways to cut costs. Fortunately, saving money is possible with smart techniques and innovative technology. Learn how to reduce operating costs on oilfields and implement these strategies at your business.

Rent Equipment

In most cases, renting is cheaper than buying equipment. At times, tasks require special machines and tools that workers don’t frequently use. Instead of owning an unessential piece of equipment, it’s best to rent it for specific occasions.

However, renting equipment isn’t always for special machines. Companies can rent items like light towers, drill pipes, vacuums, and catch tanks. In particular, renting oilfield lights is better than buying them because it of the lower upfront cost.

When renting equipment, companies don’t have to worry about maintenance costs. If machines break, manufacturers deal with repairs under rental agreements.

Please note that intentionally breaking equipment or using it the wrong way can affect rental agreements. Companies will pay for repairs due to negligence.

Integrate Drones in the Field

Oilfields cover large areas, and workers need to access different parts of the field. To cut down travel expenses, use drones to inspect areas. The remote-controlled robots fit in hard-to-reach places, and their cameras allow crew members to inspect equipment, holes, and areal shots of the fields.

Along with reducing costs, drones minimize injuries. With staff physically out the way, workers won’t face hazardous territory.

Prioritize Corrosion-Prevention

Companies can significantly reduce operating costs on oilfields by prioritizing corrosion prevention. The oil and gas industry struggles to combat corrosion as it’s a natural threat to steel and equipment. Companies spend a lot of money replacing machines and tools. Consequently, corroded equipment slows down production, which further delays projects.

Recent industry advancements include an anti-corrosion coating that creates a barrier between equipment and potential contaminants. The coating withstands abrasion, chemicals, and inclement weather. Unlike traditional solutions that reduce and delay corrosion, new coatings prevent them, thus reducing replacement costs.

Investigate New Vendors

Third-party companies supply various things to businesses. For example, equipment, insurance, software, and management systems come from vendors. Without investigation, some companies pay above the standard cost for services.

To cut down costs, negotiate lower prices or pursue new vendors. Be sure to select third-party companies that offer the same quality of products and services.

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