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Examples on How Big Data Analytics Helps Achieve Competitive Advantage

29th November 2018
Big Data Analytics

Estimated reading time: 4 minutes   As more individuals and businesses become reliant on technology, more data is readily available and collected from various sources – computers, mobile devices, sensors, machine-to-machine technology, surveillance systems and more. By 2020, the amount of big data generated annual is expected to increase by 4300%. Various industries including retail, service, bioscience, manufacturing, medicine, agriculture, SEO, social media, espionage and many more, reap benefits from big data analytics. Thus, knowing how to leverage the data will allow the organisation to achieve competitive advantage. For example, oil and gas exploration relies on big data, using vast...

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Benefits of Succession Planning

28th November 2018
Succession Planning

Estimated reading time: 5 minutes   Research shows that most companies have little or no deliberate succession planning in place and are not aware of how much the lack of it can cost their organisation, especially in an unstable economy. A study showed that only 55% of directors claimed to understand the strengths and weaknesses of their executives well or very well, while 77% did not participate in the performance evaluations of their firm’s top executives other than the CEO. And only 7% of companies formally assigned a director to mentor senior executives below the CEO. Managing the succession of...

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Application of EPC contracts in the Global Power Industry

23rd November 2018
EPC Contracts

Estimated reading time: 2 minutes   The private sector is learning more towards more Engineering, Procurement and Construction (EPC) contracts when taking on large scale infrastructure projects. In every project, it is necessary to have good contract management in place; otherwise it can have negative consequences for all stakeholders involved. It will also affect the success of the project in terms of project timeline, project costs, project quality, safety aspects and more. The EPC contracting scheme could work very well for power projects, especially in the cases where the contractor fully understands all legal aspects of the contract, including the...

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Why Maintenance Management is Important for Plant Operations?

20th November 2018
Plant Maintenance

  The effective maintenance management within chemical plants is a critical feature of plant operation, both in establishing the conditions for safe ongoing operation of the plant after commissioning, and in supporting the commercial success of the business. While many companies focus on the cost of maintenance, it is important to focus on the benefits that efficient maintenance strategies provide. Ultimately, effective maintenance management contributes to a plants’ success – in terms of its ability to generate sustained improvements with time in the total (fixed and variable) cost per unit volume of production. The objectives of having a good plant...

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Key Features of Consideration of EPC Contracts

15th November 2018
EPC Contracts in the Global Power Industry

  The increasing demand for energy has led to an intensification of competition – not only between organisations within the same sector (i.e. coal power generation), but also from the growing alternative energy markets. The rise of ‘clean’ energy has led to a concerted, yet diverse technological development within fields such as wind; tidal and solar power generation facilities. Given these factors, organisations seek different ways in which to achieve a sustainable competitive advantage relevant to one another. One response to this has been to adopt a form of ‘risk transfer’ via outsourcing to make another party the ‘bearer’ of...

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What are the benefits of training staff?

14th November 2018
Training

  A survey by Work Institute revealed that the top reasons given by employees for leaving their jobs include lack of career development (22%), lack of support with work-life balance (12%), their manager’s behavior (11%), unsatisfactory compensation and benefits (9%), and poor well-being (9%). Hence, sending your staff for training not only keeps retention rate high, but improves staff morale by showing that you are investing in them. Furthermore, sending your staff for training and development courses not only benefits the individual, but also to the business, helping your company to run effectively and efficiently. Training improves business performance, profit...

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6 Worst Pipeline Accidents since 2010

9th November 2018
Pipeline Integrity Management

  Maintaining the safety and reliability levels of high-pressure oil and gas pipeline systems is crucial to any Pipeline Integrity Management (PIM) system. As these pipelines transport hazardous and highly flammable materials, any mistake may result in fire, explosion or poisoning that will lead to significant economic losses, casualties and environmental pollution. A well-rounded PIM plan has a defined and written integrity program, which includes defined integrity goals, sound written processes and procedures (covering design, construction, operations, maintenance, and removal from service), change management, risk analysis, documentation systems, emergency management protocols, external audits to gauge the program itself, and defined...

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Fire and Gas Detection Systems Guideline in Lowering Explosion Risks

7th November 2018
Gas Explosion Hazards, Fire Detection and Protection Systems Design for Oil & Gas

  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. Well designed fire safety systems, detection and alarm systems are all paramount to keep workers safe. This is especially true for worksites that where flammable and/or toxic substances are extracted and processed. This includes chemical plants, oil and gas refineries, and on offshore drilling rigs. Prompt detection provides timely notification of personnel, activation...

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ASME B31.3- Latest Process Piping Changes

1st November 2018
Process Piping

  B31.3 is one of American Society of Mechanical Engineering (ASME)’s most requested codes. It serves as a companion to ASME’s B31.1 Code on Power Piping as well as to the other codes in ASME’s B31 series. Together, they remain essential references for anyone engaged with piping. Careful application of these B31 codes will help users to comply with applicable regulations within their jurisdictions, while achieving the operational, cost and safety benefits to be gained from the many industry best-practices detailed within these volumes.   ASME B31.3 – Process Piping   Process Piping is the piping that convey fluids under...

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Risk Management with LNG ships – Tackling LNG Fires

29th October 2018
LNG

  The International Maritime Organisation (IMO) has set out to reduce the total carbon emissions from marine transport by half by 2050. This involves lowering the sulphur content in vessel fuels and setting the limit at 0.5 per cent. With this regulation with effect from 2020, shipping companies may choose to switch to an alternative fuel – LNG. Natural gases provide a more environmentally friendly and cost-efficient fuel for ships, with an estimated emitting up to 90-95 per cent less sulphur oxide as well as nitrogen oxide than oil-based ones. However, there are risks involved when transporting LNG. As natural...

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