Decision Making Of The Petroleum Industry - 1077 Words

Decision Making As anything there is always a decision having to be made, but in the petroleum industry, decision-making can be very convoluted. Reason being is because in the past couple of years a considerable amount of approaches to fix things have arisen. Said by Review, â€Å"The difference between a good decision and a bad one can be the difference between success and disaster, profit and loss, or even life and death.† Before making any critical choices always be sure to have a strategic plan that will follow though to the best end result. As some observations have shown, is that the choice of oil and gas relates to prices as well as cash flow in this industry. A key factor for companies is strategically making wise choices on what oil, gas and companies to make investments in. To begin with, the most essential part of decision-making process is to be fully aware of what is being agreed upon. Weather it be investments or selling crude oil to another company, the research before any decisions is a very crucial. First, set up a performance target that is realistic and always stick to it. Set up team meetings and always be sure to have everyone on board and have agreements within the company. Next would be to follow through with the decision you are aiming to achieve. It is also very important to stay up to date with the choice you have chosen to not fall behind on any new technology that can also benefit yourself or company. With the difference of how much prices haveShow MoreRelatedThe Giant Bomu Oil Field Essay1531 Words   |  7 Pagesproduction The petroleum sector began to add significant role and shape to the Nigerian economy and the political arena and destiny of the country in the early 1060s. 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