Where do we go from here?
As we progress through a volatile 2Q, we’re sitting down with one of the most well regarded E&P analysts on Wall Street to discuss the state of the North American upstream industry.
In November 2016, Redburn released a report “Collapsing Costs: Curing Procurement” written by Rob West on the need for cost reduction in the oil and gas economy, emphasizing opportunities in procurement. The research discusses cost reductions available through the use of digital platforms and highlights achievements of E&P companies, including BP, that use RigUp.
In the last year, we have made significant improvements to our product to enhance usability for engineers, procurement professionals, and compliance managers within our online marketplace. RigUp has earned praise as “the best-in-class bidding & procurement solution for oil and gas.” While still keeping true to our core mission (helping operators and service companies connect more efficiently), we have listened intently to all user feedback, and continue to perfect and mold the platform to meet the needs of our ever growing user base.
When we set out to build RigUp, we wanted to build a business and a technology that would catalyze positive impact across a vital industry. We had hundreds of meetings with energy executives, field operations, petroleum engineers, and community groups about the state of the energy industry. A common theme of improving “trust” emerged; trust between the operators and service companies, trust between field operations and finance teams, and most importantly trust between communities and the companies operating in their backyards. RigUp is building technology to restore trust in the energy sector. We’re putting together a team of world-class petroleum and software engineers to solve problems that at one point in time seemed unsolvable.
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