Contract Lifecycle Management Software for Energy, Oil & Gas Industries
The cost of compliance for the oil and energy industry significantly impacts the bottom line. This includes Environment, Health and Safety (EHS), and Environmental Protection Agency (EPA) regulations.
For Health, Safety and Environment (HSE) alone, global Exploration and Production (E&P) companies’ expenditure is estimated to increase by 60% between 2011 to 2030. This is mostly due to increased regulatory scrutiny.
Non-compliance has disastrous consequences with fines worth millions of dollars. For energy or oil & gas firm, time and costs are key factors contributing to growth. Hence, forward-thinking risk and compliance officers in this industry are thinking about revamping or upgrading existing contract management processes.