Recently there has been a shift from natural-gas production tounconventional oil drilling due to stagnate gas prices. This has caused the energy companies who broke open natural gas drilling to move to less developed, unconventional oil fields.
Historically the oil-to-gas price ratio has been 6-to-1, but is expected to reach 18-to-1 by November. Since January 2008, the number of natural-gas production rigs in the US has fallen by 53%, while the number of rigs drilling for oil has grown by 47%.
This increase in drilling has already captured some areas of the country, and others are soon to follow which means that the service industry will continue to benefit. Those companies that specialize in oilfield construction, oilfield equipment, and services in general need to make sure they are ready for this upswing.
ADAPTING TO YOUR CHANGING NEEDS
After a few years of scaling back equipment and personnel, other aspects of business may have gotten overlooked as well. It’s time to make sure that your business management system is equipped to handle the growth your business is going to experience – more job contracts and a higher volume of billing, 3rd party billing, work orders, field tickets, inventory, and preventative maintenance.
Does the field service side of your business tie in directly with your accounting system, or are they disconnected requiring double entries?
