Oil and Gas business in UAE will grow in 2024

Oil and Gas business in UAE

The UAE's oil and gas industry still offers a plethora of prospects for American exporters. The United Arab Emirates (UAE) is one of the top ten oil-producing countries in the world. Abu Dhabi, which ranks sixth globally, is home to almost 96% of the nation's estimated 100 billion barrels of known oil reserves. Every day, the United Arab Emirates produces 3.2 million barrels of petroleum and liquids on average. 

Active in every area of the oil and gas business, Abu Dhabi National Oil Company (ADNOC) is a world leader in this field. ADNOC anticipates having a maximum sustainable production capacity of 5 million barrels by 2030. 

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ERP usage by the oil and gas industry in the UAE

Since the 1950s, oil and gas ERP systems have been in operation. Some of these businesses operate using outdated systems that their suppliers no longer support. The core of any organization is its system. As a business expands continuously, it's critical to evaluate the vulnerability and real performance of any ERP system, whether it's in place or not. We are all aware of how challenging it can be to transition to new software, particularly when there are issues like having to change the entire organization. Businesses in a variety of industries, including manufacturing, supply chain, healthcare, and hospitality, are already proficient in using ERP systems.

ERP systems are more vital to operations than ever at a time when people are looking for alternatives to oil and gas products.

Growing regulatory requirements, sharply shifting oil and resource prices, and resource volatility have all contributed to the demand for ERP solutions for the tracking and administration of corporate operations.

ERP helps the oil and gas industry in these ways:

• Boost production safety while cutting costs with better inventory control
• Complies with the standards for regulatory compliance
• ERP systems have been used by oil corporations to manage their production, distribution, refining, and retailing activities.

They are currently using ERP, nevertheless, to manage support operations as well.

Benefits of ERP implementation on the Oil and Gas industry in UAE

The oil and gas sector relies heavily on precise workflow management and market research. In this sector, managers face challenges in keeping up with the commodities' ever-changing demands while balancing shifting regulations with available resources. Additionally, workplaces are dispersed among several geographical areas. Globally, there is a growing need for energy-related products due to research producing cutting-edge products that run on petrol and oil.

• Businesses can integrate easily with other third-party channels for smooth workflow in different departments. 
• ERP systems for the Oil and Gas industry meet with regulatory compliance and adhere to regulations. 
• Managers boost employee morale and productivity with this sophisticated reporting and analysis. 
• With proper risk analysis and a clear overview of finances, managers can make emergency plans through ERP Software. 
• Oil and Gas ERP software analyses your labor and overhead costs to help you cut costs.
• Quality control is crucial in the oil and gas sector, and ERP software is helpful in this regard.
• Since the software stores all of the data, ERP can be used to teach incoming engineers and technicians the fundamentals of technology.

Smooth business management with ERP implementation

With higher risks and management hurdles, oil and gas exploration becomes challenging and thus, needs proper monitoring and organization.   Rig management, land and water management, site engineering, fleet tracking, etc are the tasks the oil and gas industry is working with. Here, it doesn't seem so easy to handle with pen and paper. Rather, it needs something big like an ERP system because you are working with a powerful industry. The system streamlines each task and aligns them with specific workers and employees. This increases productivity and human management efficiency. 

Inter-departmental communication and collaboration become smooth and thus there are fewer errors in the work done. 

Wrapping Up

Get a powerful ERP Solution with Penieltech for your Oil and gas industry

In the last, we conclude that In the oil and gas sector, ERP software is more than necessary. Among the world's top oil-producing regions are the Middle East and Africa. For the oil and gas companies in these areas to effectively handle vast amounts of data, they need a reliable ERP system. However, future expansion should be considered during the planning and installation of the overall system. Thus, Penieltech is here to help you with ERP implementation and customization that will grow with your business expansion.

With its feature-rich finance module, Peniel Computer Elate ERP will also assist you in staying in compliance with industry and legal requirements, particularly when conducting foreign transactions like as international logistics or procurement agreements.

We can assure you that everything will work out without a hitch because our software can handle multiple currencies.

Book a free demo with Peniel Computer to empower your ERP journey seamlessly!