|
Study of Western Oilfield Service Companies’ Strategy under Low Oil Prices
Wang Minsheng, Sun Jian, Ye Haichao
2016, 35(6):
57-63.
DOI: 10.3969/j.issn.1002-302x.2016.06.012
Influenced by declining business results of oil companies under low oil prices, global oil engineering market shrank significantly, causing the revenue and profit of oilfield service companies to fall sharply. Western oilfield service companies adjusted their development strategy and optimized the business structure in the efforts to tide over the difficult time and seek business development. The concrete strategies include a series of measures to lower service prices, improve service efficiency, pay attention to cash flow, reduce labor cost, beef up technological innovation, enlarge market share by means of technology, perfect the business chain, provide integration of services, implement internationalization strategy, make cooperation among giants, innovate operational pattern, and improve market competitiveness. Under the current situation of low oil prices, it is proposed that Chinese oilfield service companies should focus on economic performance, develop themselves on the basis of integration, enhance driving force of innovation, beef up business cooperation, improve capital operational level, and pay attention to the “One Road and One Belt” oil and gas cooperation.
|