OTC 2016: Craig outlines surplus oilfield stock trading service

Offshore staff

HOUSTON – Procurement specialist Craig International has introduced a new service designed to help oil and gas companies offload surplus stock, and also to buy products and equipment at competitive prices.

Craig Collaboration connects companies looking to sell stock with those seeking to buy. Oil and gas companies around the world have billions of pounds of surplus stock, the company points out, much of it in costly storage.

Steve McHardy, joint managing director of Craig International, said: “With the oil price set to be lower for longer, the industry requires immediate action towards achieving enhanced efficiency and cost control. We have developed a platform which the whole industry can use to buy and sell stock.

“Using our bespoke electronic tools, our network of buyers and our global experience, Craig Collaboration will, at no cost to industry, ensure that their products are offered to buyers looking to purchase them.

“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 via a portal and is powered by Craig International’s SmartBuyer software. If an operator is looking for a pump which another operator has in surplus stock, SmartBuyer would search the inventory on Craig Collaboration, find the pump and offer it at a reduced cost to operator A.

The new service will also provide an analysis of interest generated on surplus equipment, allowing clients to make an informed decision on whether to commit to disposal.

This year Craig International claims to have secured $60 million in new contracts as a result of the efficiencies delivered by its “e” commerce initiatives.


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