The upstream oil and gas industry should take notice of the WannaCry ransomware attack that hit companies across the globe last week, holding valuable proprietary data hostage unless the organizations agreed to pay off the hackers in Bitcoin, for safe return of the information.
The hackers accessed the data by breaking through vulnerabilities in outdated Windows software, and while users scrambled to respond—or risked losing the data forever—industrial controls in places like hospitals and automotive factories were brought to a standstill. In the energy sector, PetroChina had to respond to how the malware put down electronic payment systems at retail gas stations. While there was no significant news of the attack’s impacts on major upstream oil and gas operations, companies like Petrobras took remedial measures, such as disconnecting corporate computers from the Internet.
And though the upstream industry was seemingly safe this time, it might not be so lucky in the future. In fact, there’s already a precedent for attacks that have specifically targeted the industry, including an attack on the Baku-Tbilisi-Ceyhan pipeline in Turkey, during 2008. This attack allowed hackers to hyper-pressurize the pipeline, and shut off alarms and communications that would have allowed personnel to respond. The resulting explosion disrupted a connection between the Caspian Sea and the Mediterranean that had transported more than 2 Bbbl of oil before the explosion, and it also caused a 30,000-bbl oil spill into an area above a water aquifer, according to Bloomberg. The spill apparently cost operator BP and partners, including Chevron and Statoil, millions in transit tariffs.
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Already, lubricant players have established their footholds here in Bangladesh, with international brands.
However, the situation is being tough as too many brands entered in this market. So, it is clear, the lubricants brands are struggling to sustain their market shares.
For this reason, we recommend an impression of “Lubricants shelf” to evaluate your brand visibility, which can a key indicator of the market shares of the existing brands.
Every retailer shop has different display shelves and the sellers place different product cans for the end-users. By nature, the sellers have the sole control of those shelves for the preferred product cans.The idea of “Lubricants shelf” may give the marketer an impression, how to penetrate in this competitive market.
The well-known lubricants brands automatically seized the product shelves because of the user demand. But for the struggling brands, this idea can be a key identifier of the business strategy to take over other brands.
The key objective of this impression of “Lubricants shelf” is to create an overview of your brand positioning in this competitive market.
A discussion on Lubricants Shelves; from the evaluation perspective, a discussion ground has been created to solely represent this trade, as well as its other stakeholders.Why “Lubricants shelf” is key to monitor engine oil market?
The lubricants shelves of the overall market have already placed more than 100 brands altogether and the number of brands is increasing day by day.
And the situation is being worsened while so many by name products are taking the different shelves of different clusters. This market has become more overstated in terms of brand names and local products.
You may argue with us; lubricants shelves have no more space to place your new brands. You might get surprised by hearing such a statement. For your information, it’s not a surprising one.
Regularly, lubricants retailers have to welcome the representatives of newly entered brands.
And, business Insiders has depicted this lubricants market as a silent trade with a lot of floating traders.
On an assumption, the annual domestic demand for lubricants oils is around 100 million litres, whereas base oil demand around 140 million litres.
However, the lack of market monitoring and the least reporting makes the lubricants trade unnoticeable to the public.
Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
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