Asia Pacific Region Contains Abundant, Untapped Reservoirs of Source Rocks

22nd May 2018

  Recent developments and discovery of source rocks in the Asia Pacific region presents a renewed interest in maximising and increasing efforts in exploration and production projects in the industry. As shale gas is produced by the extraction of source rocks in sedimentary basins and shale gas plays, being able to correctly locate it via subsurface source rock mapping methodologies in basins is a huge economical opportunity. Countries such as Malaysia, China, India, Pakistan, Indonesia, and Thailand all contain an abundance of reservoirs, and more study is required to unlock these reserves.   What are source rocks? In petroleum geology,...

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Risk Management by Systems Thinking

21st May 2018

What is systems thinking? Systems thinking refers to the understanding that different parts of a system can influence one another within a whole. The difference between systemic thinking and analytical thinking is the difference in relationship between the different parts of a system. Systemic thinking requires multiple skill sets and garners a holistic view of the system, while analytical thinking requires the breaking down of a system into simpler parts to examine how each part works together. Systems thinking today In today’s modern world, the increase in communication and accessibility of information poses a different set of risks for business....

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What You Need To Know About IFRS 9

18th May 2018

The International Financial Reports Standards (IFRS) are a set of accounting standards being implemented by countries, which are gradually replacing the previous International Accounting Standards (IAS).  IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items. Their introduction calls for a major change in accounting procedures for financial institutions, of which is effective for annual periods from 1 January 2018 onwards. IFRS 9 requires an entity to recognise a financial asset or a financial liability in its statement of financial position when it becomes party to the contractual provisions of...

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Understanding LNG Vessel Bunkering

18th May 2018

  LNG bunkering is the process of transferring liquefied natural gas (LNG) to a ship for use as fuel. One key advantage of LNG is that it is a cleaner alternative than marine gas oil or heavy fuel oil. The increased environmental regulatory pressure has increased LNG’s popularity, especially due to the lower sulphur content of LNG than marine bunker fuel. Being naturally abundant as well, the industry forecasts a stable price for LNG fuel and is commercially viable.   With the rise in LNG in recent years, it is no surprise there will be an estimated 1000 LNG-fuelled vessels...

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LNG Ship to Ship Transfer Guidelines

10th May 2018
LNG Transfer

Liquified Natural Gas (LNG) vessel transfers, or ship-to-ship (STS) transfers, have been on the rise following the first commercial operation of this type in 2007. As do with all transfer operations, standard precautions and guidelines need to observed by well-trained personnel. Here are some LNG vessel transfer guidelines. One of the procedures before bunkering includes the following: Safety zone on receiving ship activated and checked Fire equipment on both ships checked and ready for use Personal protection equipment on both ships checked and prepared for use ESD system on both ships checked and ready for use   LNG Tank System...

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Understand Safety Case Regime Singapore

8th May 2018
Safety Case Regime Singapore

  The Ministry of Manpower (MOM) Singapore announced the Safety Case Regime legislation where all Major Hazards Installation (MHI) companies are required to submit a Safety Case to demonstrate how risks from major accident hazards can be reduced to as low as reasonably practicable (ALARP). Key players from MHI industry players and Singapore Chemical Industry Council supported the launch of Safety Case Regime to aid the industry in creating a safer and healthier workplace environment in Singapore. The definition of a workplace as an MHI depends on the nature of work activities and the inventory levels of the dangerous substances...

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Benefits of a Certified International Project Manager

4th May 2018
International Project Manager

For a project manager, achieving certification is a big asset and lends credibility to your title. Especially in today’s global business world, organisations are looking for a project manager who has a good understanding of the international environment and recognises the implications on project costs, project risks, project timeline, stakeholders and more. Therefore, gaining an internationally-relevant accreditation has many benefits to your employability, credibility and relevancy in today’s workforce.       Better Job Opportunities Project management is an evergreen need in the workplace, with 85% of firms having a Project Management Office (PMO) in 2016, up 5% from 2014. This...

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Changes to the International Maritime Dangerous Goods (IMDG) Code (Amendment 38-16)

2nd May 2018
International Maritime Dangerous Goods Code (IMDG), Edition 16

The 2016 edition to the International Maritime Dangerous Goods (IMDG) code will be in effect from January 1, 2018, and incudes the 38-16 amendments. Here is a summary of the significant changes to the 2016 Edition of the IMDG Code. 8 new United Nations (UN) numbers have been added (UN3527 to UN3534), covering polyester resin kits, polymerizing substances both solid and liquid, and engines and machinery.   6 UN numbers that are newly identified as Marine Pollutant (UN1208, UN1218, UN1791, UN2057, UN2294, UN2296)   Engines, along with vehicles, were previously covered by UN3166, this UN number has been amended to...

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5 Fatal Oil & Gas Accidents Since 2005

26th April 2018
BP Deepwater Horizon

The oil and gas industry is known as one of the most dangerous work sectors. Both onshore and offshore drilling operations pose their own sets of risks – from unpredictable weather conditions to operations of complex equipment. Major causes of accidents include human error, mechanical failure, natural causes and deficient procedures and training when dealing with emergency situations. These accidents serve as an important reminder for companies to constantly review and improve safety protocols and equipment to be prepared in the event of dire emergency situations.   Petrobras Platform P-36 Explosion 2001 — The P-36 offshore production platform was rocked...

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How To Be A Leader in the Digital Age

24th April 2018

As the business world is evolving, leaders today are required to step up to the plate and ensure they are ready to lead and empower their employees in this digital age. Here are three traits that digitally savvy leaders need to possess today.   Passion for continuous learning Leaders with an innate desire to learn the latest technology and equip themselves with a highly capable team will succeed in the digital age. As digitisation of operations are becoming more prevalent these days, having the willingness to learn and the enthusiasm to embrace innovation  keeps the business competitive. A survey revealed...

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