Standardisation of procurement equipment specifications: establishing a strong foundation for oil and gas capital project development and delivery

2020 ◽  
Vol 60 (2) ◽  
pp. 509
Author(s):  
Adri Postema ◽  
Ted Fletcher

Industry-wide standardisation is needed for operators to manage the US$3 trillion in CAPEX expenditure forecast for 2018–2025 (Global Data 2018), while maintaining competitiveness and mitigating risks. With the backing of the World Economic Forum, Joint Industry Program 33 (JIP 33) was initiated to drive industry-level standardisation for procuring equipment, moving the industry across the value chain towards common engineering designs and solutions, established by means of cross-company collaboration. Fourteen standardised specifications have been delivered. Their adoption by 12 major oil and gas operators is being measured and is progressing well. This enables the program to capture and evaluate successes, challenges, key learnings and feedback. A further 35–40 specifications, based on recognised industry or international standards, will be developed by the end of 2020. The program is also establishing a process for future maintenance of JIP33 specifications so as to achieve sustained benefits. The present paper outlines the status of JIP33 and showcases some of its early successes, challenges and learnings.

2021 ◽  
Author(s):  
Adri Postema

Abstract Operators need industry-wide standardization to manage the $3 trillion in CAPEX expenditure forecast for 2018-2025 (Global Data, 2018), while maintaining competitiveness and mitigating risks. With the backing of the World Economic Forum, Joint Industry Program 33 (JIP 33) was initiated to drive industry-level standardization for procuring equipment items, moving the industry structurally – across the value chain - towards common engineering designs and solutions, established by means of cross-company and value-chain collaboration. Over 40 standard specifications have been delivered to date. Their adoption by 12 major operators is being measured and is progressing well. This enables the program to capture and evaluate successes, challenges, key learnings and feedback. The program has also established a process for future maintenance of JIP33 specifications in order to achieve sustained benefits. In the years to come the JIP33 program will continue to develop more new specifications, expand the scope of existing specifications and work with Standards Development Organizations to move valuable JIP33 content into the underlying parent standard. This paper will present the current status of the JIP33 program and showcase some of its early successes, challenges and learnings.


2011 ◽  
Vol 8 (4) ◽  
pp. 291-304 ◽  
Author(s):  
Pran Boolaky ◽  
Conor O’Leary

This study devises a model to evaluate the strength of auditing standards and reporting (SARS) in individual countries. Drawing from data collected by the World Economic Forum the model’s predictive capabilities are tested in the geographical region of sub-Saharan Africa. Data from 28 countries was utilised. The predictive powers of the model are significant. Eight of the thirteen variables utilised were found to be significant predictors of a country’s SARS. Corporate governance variables and shareholder protection variables were found to be particularly prominent. Evaluation of the results also demonstrates that a country’s SARS does not appear to be linked to adoption of international standards of auditing. This suggests standardised adoption of ISAs will not necessarily lead to uniformly strong and consistent audit reporting regimes across countries


2009 ◽  
pp. 85-96 ◽  
Author(s):  
E. Rustamov

The article considers strategic issues of modernization of the transition economy. The analysis is based on the methodology of the World Economic Forum where special attention is paid to the sequence of the transformation stages. The main conclusion is that modernization should combine implementation of the governance mechanisms with the beneficial use of comparative advantages of the national culture. In fact, modernization of the transition economy should be evolutionary. It is precisely this course of development that is relevant for Azerbaijan which has successfully upgraded its economy in the recent years.


Author(s):  
Sabrina Bruno

Climate change is a financial factor that carries with it risks and opportunities for companies. To support boards of directors of companies belonging to all jurisdictions, the World Economic Forum issued in January 2019 eight Principlescontaining both theoretical and practical provisions on: climate accountability, competence, governance, management, disclosure and dialogue. The paper analyses each Principle to understand scope and managerial consequences for boards and to evaluate whether the legal distinctions, among the various jurisdictions, may undermine the application of the Principles or, by contrast, despite the differences the Principles may be a useful and effective guidance to drive boards' of directors' conduct around the world in handling climate change challenges. Five jurisdictions are taken into consideration for this comparative analysis: Europe (and UK), US, Australia, South Africa and Canada. The conclusion is that the WEF Principles, as soft law, is the best possible instrument to address boards of directors of worldwide companies, harmonise their conduct and effectively help facing such global emergency.


2020 ◽  
pp. 54-62
Author(s):  
Oleksii V. Lyulyov ◽  
Oleksandra I. Karintseva ◽  
Andrii V. Yevdokymov ◽  
Hanna S. Ponomarova ◽  
Oleksandr O. Ivanov

The article describes the situation of gender equality in Ukraine and in the world during the last 5 years, identifies the leading countries in moving towards gender equality in various fields of life by analyzing the indicators of the Global Gender Gap Report of the World Economic Forum. These indicators include: Economic Participation and Opportunity, Educational Attainment, Health and Survival, Political Empowerment, which are the part of a single index that determines the position of countries in the overall ranking. Based on the results of this analysis, Ukraine has improved value of gender equality index, although in the overall ranking of countries Ukraine has lost its position and dropped 11 ranks lower than in 2014. This means that, among all the countries surveyed by the World Economic Forum, there are countries that are moving much faster towards gender equality than Ukraine. In addition, the article includes the investigation of the gender representation among the board members of 5 enterprises of Ukraine for 2014-2017, which represent the leading sectors of the Ukrainian economy. The dynamics of changes in the level of performance of these enterprises using the return on assets (ROA) indicator is analyzed, the relationship between the leadership of the enterprises and the value of the ROA indicator is graphically presented. The obtained results do not give a clear answer about the gender impact on the enterprise performance. The reason for this is a number of factors, such as: insufficient statistical sampling of enterprises; the selected performance indicator of enterprise activities does not fully reflect the impact of the gender factor on enterprise activities; the methodology used in the work needs improvements, or it is necessary to choose a totally new approach to the analysis of the investigated issue under study. Gender representation among board members and its impact on enterprise performance should be investigated further. Key words: gender, gender equality, enterprise board members, return on assets.


Author(s):  
Stephen K. Reed

Cognitive Skills You Need for the 21st Century begins with the Future of Jobs Report 2018 of the World Economic Forum that describes trending skills through the year 2022. To assist with the development of these skills, the book describes techniques that should benefit everyone. The 20 chapters occupy 6 sections on acquiring knowledge (comprehension, action, categorization, abstraction), organizing knowledge (matrices, networks, hierarchies), reasoning (visuospatial reasoning, imperfect knowledge, strategies), problem-solving (problems, design, dynamics), artificial intelligence (data sciences, explainable AI, information sciences, general AI), and education (complex systems, computational thinking, continuing education). Classical research, recent research, personal anecdotes, and a few exercises provide a broad introduction to this critical topic.


2021 ◽  
Vol 61 (2) ◽  
pp. 408
Author(s):  
Matt Keys ◽  
Miranda Taylor

The World Economic Forum has identified that the oil and gas (O&G) industry must lead the process of its own transformation by innovation and multistakeholder collaboration. The Capital Project Complexity initiative is an industry-wide, noncompetitive collaboration on standardisation and use of procurement specifications. Australia is now a major contributor to this collaboration which has brought together all the major O&G operators through the International Association of Oil & Gas Producers (IOGP) network and the standardisation bodies including International Organization for Standardization (ISO), American Petroleum Institute Standards, European Committee for Standardization, Gulf Cooperation Council Standardization Organization, Standardization Administration of China, Standards Australia (SA) and many more. The focus is on developing common international standards through an IOGP Standards-ISO/TC67 link and standardised equipment specifications linking to these standards through IOGP-JIP33. Australia contributes via SA’s mirror committee ME-92, which is now fully established with direct involvement in the ISO/TC67 9 subcommittee areas and 13 working groups covering 261 current and developing standards. In September 2020, the first of these standards, AS ISO 29001, was identically adopted as an Australian standard. With the Australian experts now ensuring ISO Standards will incorporate Australian industry expertise, knowledge and regulatory requirements where possible future revisions will enable them to be adopted as the next revision of the Australian standard. This industry-wide collaboration will ensure future project costs are optimised and safety enhanced through use of the global industry knowledge while also reducing the need to write local standards. This study describes Australia’s strategy being pursued to align with the global industry. It also provides information on how this network is supporting the development of knowledge transfer to the decommissioning and new energy industries that will form Australia’s future.


Author(s):  
Maryna Nochka ◽  

The article is devoted to the analysis tools for assessing human capital based on world rankings in the context of sustainable development. The most famous world rankings of human capital, studied by such international organizations as the World Bank, the United Nations, the World Economic Forum, the University of Groningen in collaboration with the University of California at Davis and others, are considered. Quantifying human capital as the economic and social value of a skill set is measured through an index. Each organization makes measurements according to its own method. The application of different criteria and indicators for assessing human capital at the macroeconomic level is analyzed. The considered assessment methodologies are overwhelmingly based on statistical approaches. Analyzed the position of Ukraine in the world rankings in recent years in dynamics. It has been confirmed that these international ratings can be considered as a reflection of the state of human capital in Ukraine. Revealed quite high rating positions of Ukraine in comparison with other countries. The results allow us to conclude that there is insufficient government funding for the development of human capital. It is concluded that Ukraine needs to improve the quality of human capital as a leading factor in increasing the efficiency of the country's economy in the context of sustainable development. The study showed that the use of high-quality, highly qualified human capital leads to an improvement in the country's position in the world rankings.


Author(s):  
Luis Farinha ◽  
Sara Nunes ◽  
João J. Ferreira ◽  
António Fernandes

Purpose This paper focuses on the issue of global competitive advantage of nations, based on the dimensions analyzed by the World Economic Forum in assessing the economic competitiveness of a large sample of countries. From the different stages of development of the countries, this study aims to help us to recognize what variables better explain the global competitive advantage of economies. Design/methodology/approach Following quantitative analysis, results based on PLS show what dimensions within each economic development stage best explain the global competitive advantage of economies. Findings Beyond the institutions, infrastructure and regulation of the markets, higher education and training, the technological readiness, the business sophistication and innovation contribute greatly to explain the competitive advantage of economies. Originality/value Understanding the drivers of global competitive advantage of nations, this study may help academics to conduct new studies, as well as politicians to define intervention priorities.


2021 ◽  
Vol 93 ◽  
pp. 05004
Author(s):  
Dmitry Rodnyansky ◽  
Ivan Makarov ◽  
Evgeniya Korotayeva ◽  
Vadim Kovrigin ◽  
Vladislav Nazarenko

In modern conditions, issues related to the effectiveness of the regulation of the oil industry by the state are becoming increasingly important. In January 2018, the World Economic Forum was held in Davos, which, in particular, noted the impact of the growth of protectionist trends in the global trade in hydrocarbons, and the impact of climate change on the planet on the export of hydrocarbons. As a result of the forum, the key ways of adjusting the policy of states in the relevant area were identified. At the same time, a significant number of states are already seeing the process of changing state regulation of the industry. In this article, the authors analyzed the systems of state regulation of the oil industry in different countries, and also gave assessments of the possibility of integrating new mechanisms into the system of sectoral management in Russia in the conditions of post-covid reality


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