Consumer awareness has increased the demand of clean energy. But business owners have been adamant to change because they were unable to see any financial benefits of the same.
The environmental benefit
Process excellence with new technology
A blend of process excellence with new technologies means that some companies are making advancements to look for sources of energy that are safe, eco-friendly and low-cost.
A US based company adopted a technique that reduces flaring and captures more gas. This technique reduces emissions getting into the air and helps the environment. The loss of the raw material is also reduced because more gas can be captured than let out of chimneys, showing that it highlighted a possibility to maintain a balance between economic efficiency and environmental concerns.
Reducing non-value added activities
Economic and environmental benefit can also be realized by the energy companies by reducing non-value added activities and focusing on increasing the value added ones. Orion Development group claims that 20 percent to 30 percent of processes add to non value activities. This means that money is being spent without any benefit.
To reduce non- value adding activities, the firms must identify consumers’ expectations, emphasizing on value added processes, and make it better to maximize the firm’s value and its oil and natural gas production.
Another major issue pertaining to the complexity of the process is the supply of oil and gas. It is important to work closely with all the firms involved in a process to ensure zero break point in the supply chain and ascertain efficiency and process excellence.
It is believed that implementation of the supply chain into project planning done at a large scale could generate required technology that fits the purpose. This will also ensure process excellence and better controlled project overruns.