Entrance recently attended the Rice Energy Finance Summit (REFS), and there were two big topics of discussion, the need for personnel and chronically low natural gas prices. According to REFS speaker Ken Hersh, CEO of the NGP Energy Capital Management, the only way that any company can possibly compete is to focus on three things:
- Low cost plays
- Customer service
- Keep drilling close to market
To accomplish any of these three goals effectively, having a large and well trained workforce available is extremely important. The shale oil and gas industry is both young and growing, but it has been difficult for hiring to keep up with the growth. So much so, this shortage of human resources is actually constraining further development.
As a result, many new mergers and acquisitions are now being driven by needing to gather expertise. Amidst the merger of two companies or the inevitable turnover of employees, every company needs to be aware of the real need for process documentation and a systems level understanding of the workflows that drive value production.
One great way to accomplish value production and maintain knowledge assets within your company is through business collaboration.