Oil And Gas Company

Home>Topics>Oil And Gas Company
Refine Results
  1. All
  2. Online Articles
  3. Magazine Articles
  4. Videos
  1. E-commerce seen critical for oil and gas company survival

    Oil and gas companies slow to realize the speed at which e-commerce applications are changing business-to-business (B2B) transactions are in store for a grueling uphill climb-if they survive at all. The rapid improvements made to such applications-such as their increasing ease of use and their time and money-saving features-have brought the cost of conducting B2B transactions down substantially over the last decade, and most significantly over the last few years. Many energy industry segments have homed in on B2B niches that will save both time and money. These were a few of the prevailing themes that resonated at Zeus Development Corp.'s recent e-commerce conference in Houston. Meeting presenters showcased several B2B solutions and various applications for the energy industry. By definition, the e-business supply chain can be divided into two basic segments. The first, called e-procurement, can be defined as the B2B ordering of goods and services through electronic systems, including the internet and private networks, explained Dan Quinn, senior manager, national energy, with Ernst & Young. The second segment of the chain, which is called e-commerce, is transacting or enabling the marketing, buying, and selling of goods and services through electronic networks, including the internet and private networks, Quinn said. Most e-commerce companies can be grouped into one of nine categories, explained Jeff Livesay, chairman and CEO of WellBid Inc., Denver. These are operating resource management services; enterprise resource planning services; producer marketplaces; content and information portals; multivendor catalogs; property and prospect listings; exchanges, hubs, and marketplaces; on-line auctions; and application service providers. B2B market growth Industry analysts speculate widely about just how rapidly the B2B market will grow over the next 5 years or so. In one forecast-based on data from Yankee Group, Boston, as presented by Stephen Martin, CEO of NetworkOil, Houston-the worth of the worldwide B2B market is estimated to soar to $1.33 trillion in 2003 compared with the $43 billion market reached in 1998. Another outlook, by technology advisor GartnerGroup Inc., Stamford, Conn., predicts the B2B market will skyrocket to $7.29 trillion in 2004. This would represent about 7% of the forecast $105 trillion of total global sales transactions, it said. Regardless of how large the B2B market grows, however, countless speculations see eye-to-eye on at least one aspect: Those businesses choosing not to react to the rapid implementation of B2B applications will soon disappear. Implementation is viewed as imminent. "It's not whether, but when," said Miles Quinton, director of e-procurement, Europe, the Middle East, and Africa, for PriceWaterhouseCoopers. But, in pointing out that misery likes company, Mark Toon, cofounder of SourceNet Solutions Inc., Houston, said, "If you feel you're struggling to keep up with everything, please don't feel alone, because everybody is." One forceful driver behind the rapid progression and development of the B2B market is the reduction of costs, especially in transaction charges. Using the banking industry as an example, Ernst & Young's Quinn compared the individual transaction cost of $1.07 for using the branch of a bank vs. the use of the internet to transact business, which costs only $0.01/ transaction. Many conference delegates expressed concern about the almost daily onslaught of e-commerce portal launchings and other e-business solution announcements. They are worried that the continuing saturation of participants in the e-business market will only serve to confuse the customer. Barry Sowervine, director of sales for Clarus Corp., Suwanee, Ga., said that the various announcements are just that-announcements. NetworkOil's Martin noted that the marketing of an e-business is the easy part, whereas the proof of staying power comes in the project's more-difficult execution.

    Magazine Articles

    Magazine Articles

    Mon, 8 May 2000

  2. MOL acquires 25% of Croatian state oil and gas company

    The Croatian government has accepted a $505 million bid by Hungarian company MOL PLC to buy 25% of Croatian state oil company Industrija Nafte d.d. Zagreb (INA).

    Online Articles

    Online Articles

    Fri, 18 Jul 2003

  3. WHAT WILL WORKING FOR AN OIL AND GAS COMPANY BE LIKE IN THE YEAR 2000? FREE TRADE PROMISES ERA OF PROSPERITY

    In a period of change and uncertainty, the question has no guaranteed answer. But to people who work in the oil and gas industry, and to those who might do so someday, it is crucial. Oil & Gas Journal posed the question to top executives in a sample of oil and gas companies. Their answers, in ...

    Magazine Articles

    Magazine Articles

    Mon, 7 Nov 1994

  4. Chevron unit inks Myanmar PSC for Rakhine basin exploration

    Chevron Corp. subsidiary Unocal Myanmar Offshore Co. Ltd. has entered into a production-sharing contract with Myanmar national oil and gas company Myanma Oil & Gas Enterprise (MOGE) to explore for oil and gas in the Rakhine basin.

    Online Articles

    Online Articles

    Wed, 25 Mar 2015

  1. Shell to buy East Resources for $4.7 billion

    Online Articles

    Online Articles

    Fri, 28 May 2010

  2. Centrica unit buying Rockyview Energy

    A subsidiary of UK-based Centrica PLC agreed to buy Canadian oil and gas company Rockyview Energy Inc. for $113 million (Can.), including assumed debt.

    Online Articles

    Online Articles

    Thu, 15 Nov 2007

  3. Algeria's Sonatrach announces gas discovery

    Algerian state oil and gas company Sonatrach announced a natural gas and condensate discovery in the Brides region, 45 km from Gassi Touil gas field.

    Online Articles

    Online Articles

    Fri, 2 Apr 2004

  4. Pemex awards Fronterizo block, reschedules Olmos

    After receiving two tenders and rejecting one for technical deficiencies, Mexico's national oil and gas company Petroleos Mexicanos (Pemex) selected a group led by Brazil's Petróleo Brasileiro SA (Petrobras) to develop the Fronterizo block in northeastern Mexico under a $265 million Multiple ...

    Online Articles

    Online Articles

    Tue, 25 Nov 2003

  5. Alberta Energy, PanCanadian announce $27 billion (Can.) merger

    Alberta Energy Co. Ltd. and PanCanadian Energy Corp. plan to merge during April into a $27 billion (Can.) company to be called EnCana Corp. The two companies said EnCana would be the world's largest independent oil and gas company in terms of enterprise value, reserves, and production.

    Online Articles

    Online Articles

    Mon, 28 Jan 2002

  6. COMPANY NEWS: Linn Energy plans three oil, gas acquisitions

    Linn Energy LLC has agreed to acquire a private oil and gas company in the Texas Panhandle for $415 million and two Appalachian basin properties for $39 million in three separate transactions.

    Magazine Articles

    Magazine Articles

    Mon, 8 Jan 2007

  7. Pemex receives technical bids from Brazil, Mexico, Japan consortium for Cuervito block in Burgos basin

    Mexico's national oil and gas company Petróleos Mexicanos (Pemex) reported that a Brazilian-Mexican-Japanese consortium submitted a technical proposal Wednesday in response to its tender for development of the Cuervito block in the Burgos basin of northeastern Mexico.

    Online Articles

    Online Articles

    Wed, 22 Oct 2003

  8. Magnum Hunter, Prize Energy to merge into $1.2 billion company

    Magnum Hunter Resources Inc. and Prize Energy Corp. Tuesday said they would merge into a $1.2 billion independent oil and gas company during the first quarter. The company will continue to be named Magnum Hunter Resources and will remain in Irving, Tex.

    Online Articles

    Online Articles

    Tue, 18 Dec 2001

Get More Results
Stay Connected