Three Localization Trends in the Oil and Gas Industry
With an estimated 4% CAGR expecting to continue until 2018, the oil and gas industry is expanding at a rapid rate. At the current rate, the oil and gas industry will reach a $4 trillion market value by 2018. Source: Global Oil & Gas Market Assessment & Future Opportunities 2008-2018
As the world’s population continues to grow, demand for energy is growing. Oil and gas companies have to meet that demand, balancing economic, scientific and political factors. By its very nature, the oil and gas industry is global and companies have to consider regulatory, safety and environmental concerns for employees and communities all over the world. This requires a multilingual approach in the 21st century.
The need and demand for localization solutions is increasing within the oil and gas industry. For energy companies to keep their head above water with the many environmental, governmental and training requirements, they value the importance of being transparent with their global audiences, including employees, partners, regulators and customers. Communication and content are key to this approach. Specialized translation and localization experience and industry-specific knowledge is essential to effectively communicate and engage on an international scale in 2015 and beyond.
We have identified three trends in the global oil and gas sector that will impact localization in 2015:
- MANAGING REGULATIONS. Energy companies have to comply with more and more regulations, which span several jurisdictions and geographies. To keep on top of these regulations, energy companies need to invest in a unified compliance network in order to execute a sustainable institutionalized compliance culture. The ever-changing nature of these national and local regulations, such as environmental requirements, means companies must localize this content to include their global workforce and create a safe, effective and efficient compliance culture.
- LANGUAGE TRENDS. Geographic energy initiatives require a global language solution. As an example, with PEMEX opening up drilling opportunities in the Gulf of Mexico and inviting private companies to explore and extract oil and other hydrocarbons, this will generate increased demand for translation of content. These content types include bid and offering documents, RFP’s, technical manuals, compliance, scientific documents and legal contracts from and into Spanish and other Latin American languages. Asia’s consumers will play a big part in the global oil and gas market in 2015, as well as the global economy. China is the world’s second largest consumer and largest crude oil importer. How the growth in Asia plays out in 2015 will affect trends in energy demands and this will impact the demand for localization of content into and from Asian languages.
- HEALTH AND SAFETY: There is a big demand for localization of training materials in the oil and gas sector. Energy companies put a tremendous focus on global safety and training. Localizing training for a global audience is important to ensure the content is accurately delivered and consumed in multiple languages. To increase levels of health and safety, there is also a growing trend for a more predictive and preventative approach using advanced analytic techniques and historical data. This enables companies to use models that can predict potential incidents before they happen. Companies such as Shell and Chevron employ predictive analytics and it is fast becoming a mainstay in the oil and gas industry. More advancement and innovation in this area will continue to generate more training materials and technical manuals for the workforce and this content will need to be localized into numerous languages.
In 2014, Common Sense Advisory noted in the Top Industry Industries for LSPs report that Energy and Utilities ranked #15 in total spend in localization and translation for the previous year. The report indicated that more than $1.34B was spent in language services for this industry.
Welocalize provides specialized localization services for all oil and gas industry content and media including compliance, legal marketing content, training and eLearning and much more. Please click here for more information on how Welocalize provides industry-specific localization and translation solutions.
SOURCE: Global Oil & Gas Market Assessment & Future Opportunities 2008-2018