Understanding Preventive and Predictive Maintenance Strategy
Estimated reading time: 5 minutes Within a reliability-centered maintenance approach, preventive and predictive maintenance are top 2 most popular proactive methods of conducting maintenance. This prevents sudden issues or breakdowns from happening on your assets. Sudden breakdowns largely affect production, failure to achieve production target, the lack of personnel, unprepared spare parts and more. A strong maintenance strategy involves standardizing and reviewing of new and existing strategies, enabling activity planning and scheduling of these activities. In addition, evaluating and analysing the results of the maintenance is needed. Many companies are guilty of spending excessive amounts carrying out unnecessary or…
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How Are Subsea Wells Drilled
Estimated reading time: 5 minutes Subsea drilling, or offshore drilling, is a process where a wellbore is drilled below the seabed for the purpose of oil excavation. Subsea drilling is a process that involves a lot of complexities as oil rigs are utilised to remove crude oil, then filtered and used in many different areas. A drilling unit for offshore operations come in various forms, such as a mobile floating vessel with a ship or barge hull, a semisubmersible or submersible base, a self-propelled or towed structure with jacking legs (jackup drilling rig), or a permanent structure used as…
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Tips on How to Prevent Disputes When Dealing with EPC Contracts
Estimated reading time: 5 minutes When understanding contractor costing in the international power generation industry, it involves preparing an accurate cost estimate for any project. The preparation of this is a complex process as the cost estimate is based on several key factors. For example, it involves the input of architects and engineers to ensure that a project meets financial feasibility and scope requirements, and all the project risks and costs are laid out on a contract. This contract comes in the form of an EPC contract, as it is the most common form of contract for the power…
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6 Key Aspects to Look Out for In Pipeline Operations & Maintenance
Estimated reading time: 6 minutes Pipeline Integrity Management (PIM) is a comprehensive program of understanding and operating pipelines in a safe, reliable manner. PIM programs are approaches that cover prevention, detection and mitigation activities and solutions that considers all stages of the pipeline life cycle. All pipeline developments are under financial and social pressure, to ensure operations are safe and necessary technologies and programs are in place. While modern technology and tools are designed to anticipate potential threats before they occur, lapses still occur and pipeline accidents and explosions are still happening today. The most recent pipeline explosion…
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Top 10 Oil and Gas Industry Trends in 2019
Estimated reading time: 8 minutes According to GlobalData’s 2019 report, here are the top 10 oil and gas industry trends in 2019. Oil and gas supply Energy outlook Energy policies Natural gas supply Output of OPEC Oil price Fracking Oil demand Energy transition Inventories of oil Oil and gas supply Oil and gas supply top the main trend to watch this year. The supply of oil from the world’s oil-rich exporters such as Venezuela and Iran have a major impact on the global oil industry. US sanctions on top exporters are a testament to this, and recent events…
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3 Traits to Develop Your Leadership Capability
Estimated reading time: 3 minutes As industries grow in complexity, developing leaders and thinking strategically are key traits any organisation should have. This helps to meet the future demands and expectations in any industry. Being a leader of a company or organisation can be a daunting task, but there are certain traits all good leaders possess. These leadership traits can be learned and adopted by anyone. There are certain traits or attributes to help you stand out in your company to accelerate your career and develop your leadership capability. A good leader has a futuristic vision and knows how…
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Effects of Money Laundering
Money laundering and terrorism financing are financial crimes with economic effects, and act as a threat to economic and financial stability. There are many negative risks and effects from money laundering and terrorism financing, and governments must put in place anti-money laundering regulations and processes to prevent them as much as possible. However, read more to fully understand the effects of money laundering and how they infiltrate financial systems to affect businesses, economic development and the society. How does money laundering affect business? Banking and financial institutions operate within a framework of high legal, professional and ethical…
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What Caused the 2 Recent Chemical Plant Explosions in Texas?
Estimated reading time: 6 minutes In the industrial setting, there are many different types of hazards – most importantly, fires, gas explosions and toxic releases. Industrial fires occur the most frequently, and is the first major hazard in chemical or process industries. They are highly hazardous and proper fire detection and protection systems must be in place to maintain the safety levels of the plant. One way to start is by identifying potentially hazardous areas where a flammable atmosphere may be present. The 2 recent chemical fires that broke out in Texas serve as a timely reminder on the…
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Project Risk Management
Estimated reading time: 5 minutes Project risk management is defined as the process of identifying, analyzing and then responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Risk management is not a reactive approach, but a proactive approach that should be part of the project planning process. It involves figuring out the possible risks and how to control that risk if it occurs. Projects involve many risks that could affect your project’s timeline, performance or budget. Examples of risks include costs, schedule and…
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Factors Affecting Construction Costing Estimate
Estimated reading time: 4 minutes As global demand for power generation continues to grow, there is a growing shift in both the pricing and costing methodologies employed by turnkey contractors. This is largely due to the client wishing to ensure that all (or most) of the risk exposure is to be borne by the main contractor. In response to this, EPC contractors have adjusted the costings of their offerings in an attempt to have project budget to deal with these risks should they manifest. Preparation of a cost estimate for any project in general, is a complex process as…
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