Most common flaws existing in natural language contracts are remnants of either older contracts that have since evolved or as contrary clauses in contracts that cover interrelated activities. When it comes to smart contracts, coding language requires events, rules and other business logic to be absolutely clear — and this requirement forces many companies to revisit their current contracts with fresh eyes for simplification and clarification.
Major oil & gas players have been announcing emissions cutting programs — BP publicly pledged to eliminate or offset all emissions by 2050 and five other large producers announced drastically new emissions targets — yet there is little to no information about how these companies intend to achieve their stated goals.
Oil and gas companies are looking to implement technology to shore up core business processes and accommodate a multitude of consequences currently facing that the industry.
In the first six months of 2020, 3,500 companies filed for bankruptcy. Experts expect insolvency numbers to surpass $100 million, rivaling the results of the 2008 economic crisis. There’s nothing to doubt: COVID-19 is deeply impacting companies. In fact, 58% of business leaders say that recent circumstances have completely changed their organization’s strategic priorities.
If this year has taught us anything, it’s be prepared for the worst case scenario — perhaps the bumper sticker of 2020. Business as usual was quickly usurped by the COVID pandemic and commodity prices touching down to a 30 year low. Coupled with a crippling lack of demand, oil & gas companies have been left with little choice: adapt to the low-priced oil environment and cut costs, or face dire consequences like layoffs, bankruptcies and other down-market results.
Whether hot and dusty, freezing cold or perched over saltwater, a constant geolocationally-agnostic task at hand is that stack of paper tickets and invoices that proliferates across the desk of the ‘company man.’ With years spent in college and various training courses to responsibly manage the safe construction of productive wells, paperwork can feel a Sisyphean side chore — with two to three hours a day spent stamping tickets. In 2020, this waste of time — not to mention resources — is beyond undesirable and no longer necessary.
The American oil market crashed below $0 a barrel this week; an unprecedented historical low.The “stage set for a ‘most uncertain’ future,” was already indicated by early earnings . With a precipitous 60% price drop since January , flatlining this week and even dipping into negatives , oil & gas companies across the board are cutting budgets , hunkering down and halting operations.
The construction industry notoriously lags in productivity improvements and technology adoption. Its sluggish pace results in billions of dollars in lost value – approximately $40 billion a year. One underlying cause of this lagging performance is the way the industry develops complex physical assets, a process that has essentially remained unchanged in the face of technology advances adopted by other industries.