The natural resources industry has faced a number of challenges over the last few years. Crude oil prices have dropped from US$121 a barrel in 2011 to around US$49 a barrel in 2017. The value of iron ore has fallen approximately 58% from its peak in 2011, and now supply far outweighs demand.2 Other commodities, such as copper, also are experiencing a similar decline. Additionally, the industry has seen a slowdown of new construction projects with existing large‐scale expansion projects transitioning to operations.
To cope with these economical pressures, asset owners (operators) and engineering procurement construction management (EPCM) organisations are looking for ways to reduce costs and improve operational efficiency within their programs. One area that has come into sharp focus: how travel to remote worksites, including on‐ shore mine camps and offshore oil platforms, is managed.
Therefore, to understand how to respond better to the shifts occurring within the resources sector, American Express Global Business Travel spoke to several leading experts in the industry to learn more about the changes that are happening, what their concerns are, and how TMCs may best position themselves to address the sector’s needs.
To read the full EMM Insights report, click here.