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Tips on How to Prevent Disputes When Dealing with EPC Contracts

15th May 2019
Power Plant

Estimated reading time: 5 minutes Understanding Contractor Costing in the International Power Generation Industry   When understanding contractor costing in the international power generation industry, it involves preparing an accurate cost estimate for any project. The preparation of this is a complex process as the cost estimate is based on several key factors. For example, it involves the input of architects and engineers to ensure that a project meets financial feasibility and scope requirements, and all the project risks and costs are laid out on a contract. This contract comes in the form of an EPC contract, as it is...

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6 Key Aspects to Look Out for In Pipeline Operations & Maintenance

14th May 2019
Pipeline integrity

Estimated reading time: 6 minutes   Best Practices for Pipeline Integrity: Preventing Releases through Operation and Maintenance   Pipeline Integrity Management (PIM) is a comprehensive program of understanding and operating pipelines in a safe, reliable manner. PIM programs are approaches that cover prevention, detection and mitigation activities and solutions that considers all stages of the pipeline life cycle. All pipeline developments are under financial and social pressure, to ensure operations are safe and necessary technologies and programs are in place. While modern technology and tools are designed to anticipate potential threats before they occur, lapses still occur and pipeline accidents...

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Top 10 Oil and Gas Industry Trends in 2019

9th May 2019
Oil and Gas

Estimated reading time: 8 minutes Top 10 Oil and Gas Industry Trends in 2019   According to GlobalData’s 2019 report, here are the top 10 oil and gas industry trends in 2019. Oil and gas supply Energy outlook Energy policies Natural gas supply Output of OPEC Oil price Fracking Oil demand Energy transition Inventories of oil   Oil and gas supply Oil and gas supply top the main trend to watch this year. The supply of oil from the world’s oil-rich exporters such as Venezuela and Iran have a major impact on the global oil industry. US sanctions on top...

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3 Traits to Develop Your Leadership Capability

7th May 2019
Leadership

Estimated reading time: 3 minutes Developing Leadership Capability & Thinking Strategically   As industries grow in complexity, developing leaders and thinking strategically are key traits any organisation should have. This helps to meet the future demands and expectations in any industry. Being a leader of a company or organisation can be a daunting task, but there are certain traits all good leaders possess. These leadership traits can be learned and adopted by anyone. There are certain traits or attributes to help you stand out in your company to accelerate your career and develop your leadership capability. A good leader has...

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Effects of Money Laundering

3rd May 2019
Effects of Money Laundering

Enhanced Assessment on Money Laundering And Terrorism Financing (ML/TF) Risks   Money laundering and terrorism financing are financial crimes with economic effects, and act as a threat to economic and financial stability. There are many negative risks and effects from money laundering and terrorism financing, and governments must put in place anti-money laundering regulations and processes to prevent them as much as possible. However, read more to fully understand the effects of money laundering and how they infiltrate financial systems to affect businesses, economic development and the society.     How does money laundering affect business? Banking and financial institutions...

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What Caused the 2 Recent Chemical Plant Explosions in Texas?

30th April 2019
ITC-Deer-Park-Fire

Estimated reading time: 6 minutes Gas Explosion Hazards, Fire Detection and Protection Systems Design for Oil & Gas   In the industrial setting, there are many different types of hazards – most importantly, fires, gas explosions and toxic releases. Industrial fires occur the most frequently, and is the first major hazard in chemical or process industries. They are highly hazardous and proper fire detection and protection systems must be in place to maintain the safety levels of the plant. One way to start is by identifying potentially hazardous areas where a flammable atmosphere may be present. The 2 recent chemical...

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Project Risk Management

24th April 2019
Project Risk Management

Estimated reading time: 5 minutes Project Risk Management   Project risk management is defined as the process of identifying, analyzing and then responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Risk management is not a reactive approach, but a proactive approach that should be part of the project planning process. It involves figuring out the possible risks and how to control that risk if it occurs.   Projects involve many risks that could affect your project’s timeline, performance or budget. Examples of risks include...

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Factors Affecting Construction Costing Estimate

23rd April 2019
Power Industry

Estimated reading time:  4 minutes Understanding Contractor Costing in the International Power Generation Industry   As global demand for power generation continues to grow, there is a growing shift in both the pricing and costing methodologies employed by turnkey contractors. This is largely due to the client wishing to ensure that all (or most) of the risk exposure is to be borne by the main contractor. In response to this, EPC contractors have adjusted the costings of their offerings in an attempt to have project budget to deal with these risks should they manifest. Preparation of a cost estimate for...

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4 Types of Tender and Tendering Processes

17th April 2019
Tender Process

Estimated reading time: 6 minutes Bid Management & Tender Evaluation   An effective bid management and tender process provides a positive evaluation approach that leads not only to the appointment of appropriate suppliers but to ensure that the ongoing relationship is a mutually beneficial. A wholly balanced and highly efficient bid and tender management process improves the quality of the supply chain while reducing costs and managing risks. A tender is a submission made by a prospective supplier in response to an invitation to tender. It makes an offer for the supply of goods or services. As procurement routes have...

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Gas Explosion Hazards: Hazardous Areas & Potential Ignition Sources

16th April 2019
Storage Tank

Estimated reading time: 6 minutes Gas Explosion Hazards, Fire Detection and Protection Systems Design for Oil & Gas   Fires are the accidents that occur most frequently, their causes are very diverse and require intervention methods and fire risk assessment techniques that are unique to each situation. Electrical hazards, flammable liquids and gases and combustible dust are 3 of the most common causes of industrial fires and explosions. In the industrial setting, there are many hazards – more importantly fires, explosions and toxic releases. Fires occur the most frequently in industries and is the first major hazard in chemical or process...

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