Wednesday, September 28, 2016

Standardized parts bringing down production cost of crude oil

deflation into oil consumers countries.
support of growth
turning oil producers and explorers more resilient.


Nergaard Berg estimates that standardization of sub-sea forgings alone—the massive steel spools used in deepwater drilling—has resulted in a 30 percent reduction in project lead times. Christie, of GE Oil & Gas, also reckons that standardization can lower drilling expenses by an average of 30 percent.