UK-based procurement services firm Craig International has launched, at OTC, a new platform to help oil and gas companies offload surplus stock and buy other products and equipment they need at competitive prices.
Craig Collaboration connects companies looking to sell stock with those looking to buy. Oil and gas companies around the world have billions of pounds of surplus stock, much of it sitting in costly storage and Craig Collaboration will allow them to realize value from this, the firm says.
The firm says several major exploration and production companies are expected to start using the new service following today’s launch, says Craig.
Steve McHardy, joint managing director of Craig International, said: “We have developed a platform which the whole industry can use to buy and sell stock.
“Our research found that two exploration and production companies had, between them, almost half a billion dollars’ worth of surplus stock. Multiply that by the number of companies operating in the Gulf of Mexico and that’s a considerable amount of products and equipment lying around not making any money and incurring warehousing costs."
Craig Collaboration is accessed through a portal and powered by Craig International’s bespoke SmartBuyer software. For example, if operator A, who is looking for a pump which operator B has in surplus stock, then Smartbuyer would search the inventory on Craig Collaboration, find the pump and offer it at a reduced cost to operator A.
Craig Collaboration will also provide an analysis of the interest expressed on their surplus equipment, allowing clients to make an informed decision on disposal or not.
With an increasing marketshare in the Gulf of Mexico, Craig International is in a unique position to observe trends and offer solutions to dramatically reducing costs when it comes to buying oilfield products and services.
McHardy added: “We already have the buyers looking to purchase the products and equipment that companies have in surplus stock and we have the electronic tools to ensure confidential and efficient transactions between buyers and sellers.
“We are buying the same products over and over again and, with our 16 years’ experience, we are well-placed to exploit this knowledge and buying power to the benefit of the wider industry.”