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Major Oil Companies Are Focusing On Deepwater Drilling Projects

19th July 2018
Deepwater Drilling

  As of January 2018, the Gulf of Mexico presents the most number of offshore rigs of 175, followed by 159 in the Persian Gulf and 152 in Southeast Asia. The recent high prices of $100 per barrel reflect the growing scarce supply for oil and gas. Major oil and gas companies such as Shell, Exxon and BP are looking for alternative sources for oil production, and investing in deepwater projects to keep up with production. With the activity in the Gulf region picking up, Shell announced in April that they were building a deepwater platform named Vito. Chevron Big...

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Implications of IFRS 9 on Banks

17th July 2018
IFRS 9

The International Financial Reporting Standard (IFRS) 9, the new accounting principle for financial instruments, has several implications on banks. IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items. In other words, IFRS 9 is being implemented through three stages; Classification & measurement of financial instruments, impairment of financial assets and hedge accounting. With that in mind, here are three strategic actions banks have to take to be ready for IFRS 9.   Adjusting their portfolio strategy IFRS 9 require banks to review and adjust their portfolio...

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3 Ways the Digital Age Will Impact the Workplace

12th July 2018
HR In A Digital Age

  The role of Human Resources (HR) has evolved significantly over the past decade to align itself with the constant changing business environment and technology. HR as a function will continue to shift its focus from operating and administrative effectiveness to establishing a structure that is able to facilitate business growth and operational excellence. Here are some ways companies are incorporating the latest technologies into the workplace.   Artificial intelligence becomes embedded in the workplace The use of AI in our everyday products and AI vendors supporting all types of companies is becoming more common. Companies are opting for technologies...

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Southeast Asia Is The Next Hot Spot for Offshore Decommissioning

10th July 2018

  “With over 380 fields expecting to cease production in the next decade, the magnitude and cost of work can no longer be ignored. Through learning from global decommissioning projects, the industry can adopt and adapt practices best suited for Asia Pacific’s own set of challenges.” With more than 1,500 number of structures and more than 7,000 number of wells in Southeast Asia (Malaysia, Indonesia, Thailand and Vietnam), Southeast Asia presents a lot of opportunities for offshore decommissioning, and could cost over $100 billion. Decommissioning is a rapidly developing market sector in the petroleum business, with major potential and major...

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2 Ways To Manage Project Costs and Budget

5th July 2018
Projecte Management Triangle

  When planning and managing for project costs, several factors come into play and knowing how to successfully manage them will ultimately help achieve project success. The two most common factors that lead to project delay and increased in project costs include design errors and scope change. As important it is to understand how they affect project costs, it is just as important to know how to mitigate and avoid them.   Design Errors Design errors are one of the major reasons why project costs overrun. Proper representation of client’s requirement is important to set a clear picture of what...

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3 Causes Of Fatalities In Industrial Accidents

3rd July 2018

Recent statistics published by the International Labour Organization (ILO) state that more than 2.3 million workers die each year as a result of occupational accidents or work-related diseases. While the main cause of deaths among workers was diseases related to work, hazardous substances alone was estimated to cause 651, 279 deaths a year. The increasing rate of fatalities and severe injuries in the oil and gas industry are disconcerting, and indicate how dangerous the industry is. Here are 3 causes of fatalities in industrial accidents.     Vehicle Accidents Work sites for the oil and gas industry are often found...

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3 Reasons Why Getting Workers API-Certified Benefits the Entire Company

28th June 2018
API 936

  Boost workers productivity Studies show that workers with professional certifications are more productive. Those with  certifications are better prepared and educated with the latest and most acceptable industry inspection practices. Workers certified in refractory, for example, are more knowledgeable of installation, inspection, testing and repair of refractory lining and qualified in doing so. Certified workers often work more efficiently than uncertified colleagues, and their presence can help improve the productivity of day-to-day operations.   Encourage greater peace of mind When workers are certified, they learn from the training the importance of adhering to certain professional and industry standards. This...

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How Planning For Plant Turnarounds Ensures Success

26th June 2018
Plant turnaround and shutdown

Plant turnaround and start-up is an important aspect of plant maintenance that helps improve the life expectancy of assets. It is no longer the responsibility of only the maintenance department but involves organisations to set up a multifunctional team responsible for turnaround planning and execution. A good and detailed turnaround process requires a well-defined work process that helps in the better management of employees, reduced downtime and increased chances of a successful plant turnaround and start-up.   Better Management of Resources The turnaround steering committee typically consists of the facility’s senior management to manage the turnaround’s scope and budget. This...

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Skills Needed For Project Managers To Be International Ready

21st June 2018
International Project Manager

  As organisations continue to internationalise and increase their global presence, the discipline of project management grows in importance and the role of the Project Manager becomes more crucial to the successful delivery and achievement of the organisation’s business goals. Hence, project managers today need to be international ready and certified in doing so to keep up with the demands of the business world. Here are some of the skills needed by project managers to be internationally ready.   Adaptability In a fast-paced environment, an international project manager needs to be able to quickly respond to changes in the industry...

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3 Causes of Industrial Fire and Gas Explosions

19th June 2018
Gas Explosion

  Industrial fires and explosions cost companies and governments billions of dollars yearly. In 2017, an average of 37,000 fires occurred at industrial and manufacturing properties and resulted in 18 deaths and 279 injuries. A total amount of $1 billion was recorded in direct property damage alone. Here are three most common causes of industrial fires and explosions.   Electrical Hazards In manufacturing plants, examples of electrical hazards include exposed wiring, overloaded outlets, extensions cords, overloaded circuits and static discharge. As these items are a source of ignition for fires and explosions to occur, these hazards are dangerous without proper...

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