5 Ways Project Audits Improve Project Performance

1st October 2018
Project Audit

  To succeed, every organisation needs to put in efforts in sustaining, growing and constantly innovate its business activities and directions. Project management thus serve as an ideological framework and implementation mechanism for administering and controlling various investment initiatives in the form of projects. However, only well-managed and controlled projects will provide the organisation with significant opportunities to create value.   Project audits aim to meet the objectives to ensure success of a project. The ultimate goal of a project audit is to ensure that the project is meeting project management standards through investigations and evaluations. The following are five...

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Offshore Decommissioning in Asia Pacific Could Cost US$100 Billion

25th September 2018

  Decommissioning is a rapidly developing market sector in the petroleum business, with major potential and major risks. Decommissioning is a source of major liability for countries, operators, contractors, and the public, which must be understood if it is to be managed and cost effectively. Asia-Pacific is gearing up for increasing activity as more comprehensive guidelines and regulations are formed. According to Wood Mackenzie’s latest analysis, decommissioning Asia Pacific’s offshore assets – nearly 2,600 platforms and 35,000 wells – could cost over US$100 billion. Decommissioning in Asia Pacific appears to be a mammoth task for which the various stakeholders are...

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Practical Aspects of Pipeline Integrity Assessment

20th September 2018

  Pipeline integrity ensures a pipeline and all its related components are running properly and in good working condition. It involves and ensures that pipelines are designed, built and operated to be safe, reliable and sustainable. Pipeline integrity management is done through every aspect of the pipeline life cycle – from design and construction to operations, maintenance and retirement. Practical aspects of pipeline integrity assessment include corporate objectives, risk, planning integrity programs, internal inspection tools, anomaly identification and analysis, repair, coating, and pressure testing. The practice of inspecting pipelines utilises various tools that accurately detect a diverse range of pipeline...

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Understanding The Impacts Of Poor Risk Management On Project Performance

18th September 2018

  Application of effective measures for auditing project performance is the key to any project’s success. There are several ways to track a project’s progress, making sure it is on time and within budget. One of the many approaches includes forecasting, risk management strategies and auditing. Risk management is built into the audit process as it enables project managers to identify and evaluate concerns, problems and challenges that may have surfaced during the course of the project. When inefficiencies are identified, root cause analysis can be performed, and corrective or preventive recommendations can be included in audit reports for future...

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Managing Hazards Of A LNG Spill

13th September 2018

  Liquefied natural gas (LNG) is often regarded as extremely dangerous and toxic with container ships. Natural gas vapors are flammable, and LNG typically contains methane, ethane and propane. LNG presents safety hazards that must be managed. When LNG spills, it vaporizes quickly and leaves behind no residues. As LNG vaporizes, the vapor cloud can ignite if there is a source of ignition, but otherwise LNG dissipates completely.   Industry standards To handle LNG safely, it is stored in industry standard tanks (double walled, insulated, of proper metals according to the relevant EU (CEN) standards, or to the US standards, e.g....

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Increasing Role of Human Factors in Safety Management

12th September 2018
Human Factors

  Human failures are implicated in many serious, fatal accidents in hazardous industries, especially for oil and gas. Some recent examples include the 1984 Bhopal Gas Tragedy, Texaco Milford Haven Explosion and Fires and the 1988 Piper Alpha Disaster. There is an evident need and recognition of Human Factors as a key topic for addressing safety in the oil, gas, onshore chemical plants, pharmaceutical manufacturing and power generation sectors. As technical safety measures improve, we can expect the significance of human factors in major accidents to increase as well. During the preparation of major accident hazard (MAH) safety reports, the...

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2 Crisis Management Case Studies and Their Takeaways

6th September 2018
Crisis Management

  Before a crisis strikes, business owners should think about how a disaster would impact customers, suppliers, employees, the public and their company’s value. A crisis can strike a company anytime and anywhere hence advanced planning is key to ensuring the company is prepared. Let’s look at some of the most well-known crisis management case studies from the last several years, as well as what we can learn from them.   The Target data breach A cyber-attack on Target in 2013 affected about 110 million of Target’s customers – with 41 million of customer’s payment card accounts and contact information...

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3 Reasons Why You Should Be A Certified International Project Manager

4th September 2018

  Project management certifications are in demand by companies and recruiters alike. In the competitive and complex market, project management certifications hold a vital role in ensuring you stand out from the competition and increase your chances of getting hired. Gaining certification has many benefits, such as a salary bump and gaining certain important traits that increases project success. With the many types of project management certifications today, here are the reasons why you should get a certification as an international project manager.   Increased demand As business continues to internationalize and the strategic intent of global organisations is to...

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A Guide To Laytime & Avoiding Demurrage Charges

30th August 2018
Latest News

  Laytime and demurrage are traditionally one of the most contentious issues in the shipping industry, owing to the frequency with vessels are delayed in port, the cost caused by such delays, and the often ambiguous wording in charter parties and contracts for the international sale of goods. To maintain a harmonious business relationship between shipowners and charterers, it is desirable to avoid disputes on charter parties. Therefore, the establishment of a clear and solid contractual basis on laytime calculations and demurrage rules for all parties is one of the utmost importance. A firm understanding of the legal and practical...

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10 Crucial Steps to Achieve A Successful Plant Turnaround

28th August 2018
Plant Turnaround

  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. Unplanned shutdowns impacts heavily on the company operating the facility. Problems commonly encountered in shutdown execution include: Lack of an integrated management strategy; Unclear definition of work responsibilities.; Incomplete work scope definition; Ineffective planning effort; Uncoordinated procurement of shutdown materials; and Poor contractor control and communications. Therefore it is essential that plants are able to manage shutdowns and turnarounds effectively and efficiently. Here are 10 crucial steps...

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