Delivering value up and downstream
PwC serves some of the world’s largest national and international oil and gas companies. We provide a full range of assurance, tax and advisory team members who understand the industry and the issues that oil and gas companies face.
PwC’s Energy team is one of the largest professional services network in the world. We serve more than 2,500 oil and gas clients of all sizes, from every segment of their businesses. We feature more than 6,000 oil and gas professionals worldwide, with more than 1,300 in the United States, who are committed to delivering quality in assurance, tax and advisory services. Wherever you operate, our professionals are ready to assist with many of today's largest, most challenging issues affecting the oil and gas sector.
Drilling for data: Digitizing upstream oil and gas
Basic guiding principles companies should consider when developing their digital business models.
Oil prices (WTI) have almost doubled in the past two years—from $38.84 per barrel (bbl) in January 2016 to $72.35 per barrel (bbl) in May 2018. The question now is: how high will they go? And maybe even more importantly, in this new environment, where will the next barrel of oil come from, and who is going to provide the capital necessary to extract it?
After several years of oversupply, the oil and gas industry could very well be moving headlong into a supply crunch. This may seem hard to imagine, given the ramping up of oil production in the United States and the burgeoning sense of optimism that is sweeping the sector. In general, the industry feels much healthier than it did 12 months ago: The price of oil has rebounded. After appearing limited to a range between the mid-$40s and $50 per barrel (bbl), Brent crude is now trading above $70 (at the time of writing). The industry is thus recovering from the brutal last few years of weak prices, enforced capital discipline, portfolio realignments, and productivity efficiencies. PwC's Oil and Gas Trends 2018-19 report highlights these and other trends.
With the advent of cloud computing, Internet of Things (IoT), heavy-duty sensor technology and high resolution downhole communication, predictive analytics gained popularity in the energy sector.
In upstream and oil field services in particular, the complexity of the subsurface environment and the vast amount of data collected from disparate sources—such as seismic, core floods, production history and well logs—make the case for application of predictive analytics.
Energy, Utilities and Mining Tax Leader, PwC US
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