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Types of Joint Ventures: Incorporated and Unincorporated

4th December 2019
joint ventures agreement oil gas

Estimated reading time: 5 minutes Managing Joint Ventures in Oil and Gas   In the oil and gas and petroleum sector, international joint ventures are very common. A joint venture is an alliance in which two or more companies, individuals or organizations operate jointly owned properties. Most companies are willing to take partners for large-scale investments in high-risk oil and gas ventures for the following reasons: Overcome a budgetary constraint Develop a prospective area owned jointly Accelerate the development Spread the available budget over more wells and areas Sharing of risk capital Assist in building a closer relationship with a local...

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Notice of Readiness for Laytime Calculation (With Real-Life Case Study Example)

4th December 2019
Guide to Laytime & Demurrage

Estimated reading time: 5 minutes Practical A-Z Guide to Laytime & Demurrage   Laytime and demurrage are one of the most litigious issues in shipping. The terms in the contracts are tricky as it is commonplace that shipowners and charterers face delays in ports, leading to demurrage charges to be incurred. The vague wording in the charter party contracts also provide lots of grey areas, a common cause of disputes. Hence, shipowners are often looking for ways to avoid and minimise demurrage charges. These include sending cargo and delivery instructions in advance, having a trucker back-up plan and requesting for...

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Effective Incident Investigation and Reporting

26th November 2019
Incident Investigation Plant Oil and Gas

Estimated reading time: 4 minutes Effective Incident Investigation and Reporting   All incidents, regardless of size or impact, need to be investigated. Whether it is a fatality, injury, illness or a close call, an effective incident investigation and report process helps employers understand what happened and why it happened. It presents an opportunity to identify operational hazards and shortcomings in the safety and health programs. Most importantly, it enables employers and workers to identify and implement the corrective actions necessary to prevent future incidents. Incident investigations that focus on identifying and correcting root causes improves workplace morale and increases productivity,...

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Implementing a Successful Well Integrity Management System

21st November 2019
Well Integrity Management

Estimated reading time: 5 minutes   Well Integrity Management   Developing and implementing well integrity management systems has been on the rise for the oil and gas industry worldwide. During the periods of high demand, oil and gas fields were developed rapidly. Wells were drilled and put online in a short time as drilling days, footage and direct costs became the drivers of production. Furthermore, and to keep up the high production potential, old wells were kept on production longer than their expected lifespan. To mitigate the harmful risks and hazards that comes along with the deterioration or loss of...

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2019 Statistics for the API 936 Certification Program

19th November 2019
API 936 Certification Program

Estimated reading time: 4 minutes API 936 Refractory Inspection Code   Refractory materials and lining reliability are key to increasing the performance of fired heaters, incinerators, kilns and reactors across a range of industries. The proper refractory lining optimises production yield and minimises energy costs, while enabling consistent high performance of a furnace over the lifecycle of the refractory lining for as long as 20 years. However, it is not uncommon for a refractory material to fail, resulting in energy wastage, reduced performance and in some cases, complete heater shutdown. Through proper training and industry-recognised certifications, personnel are equipped with...

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4 Phases of Plant Shutdowns

14th November 2019
Plant turnaround and shutdown

Estimated reading time: 4 minutes   Plant shutdown and start-up is an important aspect of plant maintenance that helps improve the life expectancy of assets. Effective planning and execution of shutdowns and turnarounds is essential to maintain inventory levels and reduce loss of revenue for the oil and gas industry, particularly if improper maintenance leads to an unplanned shutdown. Shutdowns are costly because they are labour and material-intensive. Hence, it is key that shutdowns are carried out quickly and effectively to minimize downtime and any negative business impacts. A detailed turnaround process requires a well-defined work process that helps in...

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Latest Developments in Safety Case Regime Singapore

12th November 2019
Latest Developments in Safety Case Regime

Estimated reading time: 4 minutes Safety Case Regime   In 2017, the Ministry of Manpower (MOM) first announced the Workplace Safety and Health (Major Hazard Installations) Regulations. This requires all MHIs to develop and submit their respective Safety Case, in accordance to the regulations. MHIs are required to prepare Safety Case reports and present all risk reduction measures in place are effective, reliable and the risks of major hazard scenarios are reduced to ALARP (As Low as Reasonably Practicable). This allow installations to operate in a safe and sustainable manner. MHI industry leaders and Singapore Chemical Industry Council (SCIC) supported the launch...

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How to Improve Corporate Communication Skills

6th November 2019
Advanced Strategic Corporate Communication

Estimated reading time: 5 minutes Advanced Strategic Corporate Communication The increasing importance of corporate communication underscores the need for organisations to be strategic when communicating. According to this Towers Watson study, companies with highly effective communication practices enjoy 47% higher total returns to shareholders compared to organizations with poor communication. Improved communication doesn’t only affect your returns to shareholders, it can also increase employee engagement, build stronger teams, and enhance the competitiveness of your company. Moreover, effective communication practices increase productivity, build a better workplace, and reduce day-to-day conflict between team members. Honing your communication skills is the key to building a...

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What Is Reservoir Characterisation?

4th November 2019
What is reservoir characterisation?

Estimated reading time: 5 minutes Regional Masterclass on Integrated Petrophysics For Reservoir Characterisation   Robust reserves and simulation are achieved by the logical, systematic integration of all relevant data. A quality reservoir interpretation is extremely cost-effective compared with data acquisition or development mistakes and essential with today’s complex reservoirs and data sets. Proper integration replaces the need to run expensive, irrelevant logs, explains apparent data conflicts and provides the correct answer faster, strengthening your position as an operator and competent petrophysicst. By contrast, stand-alone log analysis often results in wrong decisions and weakens your position in the eyes of your...

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Guide to Understanding Drilling Contracts: What Is A Day Work Contract?

17th October 2019
What Is A Day Work Contract

Estimated reading time: 7 minutes   Masterclass On Understanding Drilling Contracts 2019   The upstream or E&P segment of the international oil and gas industry, is in all probability, the riskiest in terms of capital intensity, long payback periods, technological dependence and a host of legal and environmental compliance requirements. It is commonplace for entities seeking hydrocarbon reserves to offset this risk exposure through collective entities such as Joint Ventures (JV) and Joint Operating Agreement (JOA). However, the most important contracts for an operator is the drilling contract as it allocates all risks between the 2 parties. Other related contracts,...

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