PetroXML, in combination with the installed base of back office systems, will constitute a B2B framework for e-commerce in the oil and gas oil industry. A major step toward reaching PetroXML's standardization goal comes from the cooperation of several major accounting software vendors that are participating in the building of PetroXML translators for their commercial offerings. The oil and gas industry is a mighty user of computing power, and technology is contributing to the bottom line in new ways. Many of the e-solutions available today tout the dual benefits of controlling costs and saving time. It is undeniable that the power and convenience provided by technology is reshaping how the world conducts its business.
Costs are one of the variables that management can control.
Uncontrollable factors, including weather, blowouts and politics, will always be intertwined in the oil and gas industry. Leveraging new technologies can influence the bottom line, which is a key function of ever-vigilant management. Oil and gas companies operate in a keenly capital-intensive business, and adding shareholder value does not mean simply maintaining steady production increases and meaningful discoveries. The advantages created by technology and e-commerce is striking. Technology, by allowing cost savings on the finance side and efficient oil field operations, fields a diverse crew of procurement specialists, production workers and accountants pulling a similar e-oar.