Oil firms will gradually adjust to a new price normal

2017 ◽  
Keyword(s):  
Fossil Fuels ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Cyber Attacks ◽  
Portfolio Investment ◽  
Sharp Drop ◽  
Gas Industry ◽  
New Normal ◽  
Content Type ◽  
Oil Pricing

Subject ‘New normal’ for oil pricing. Significance Since 2008, commentators have frequently applied the phrase ‘new normal’ to the changing market and trading conditions that enterprises find themselves in. The oil and gas industry is no different. More than two years after the sharp drop in oil prices in 2014 and despite the recent OPEC-non-OPEC output cuts, oil is now in a potential new normal regarding price. While oil is often used as a proxy for the industry, this new normal impacts the whole fossil fuels sector. Impacts Portfolio investment decisions have demonstrated capital discipline but must find more ways of achieving a return at 50 dollars per barrel Technology will support the transition, but firms must put in place credible procedures to deal with the threat of cyber attacks The uncertain geopolitical backdrop makes it more difficult, but the sector needs to find a credible response to the COP21 Paris agreement

Value creation through big data application process management: the case of the oil and gas industry

2019 ◽  
Vol 23 (8) ◽  
pp. 1566-1585 ◽  
Author(s):  
Muhammad Saleem Sumbal ◽  
Eric Tsui ◽  
Irfan Irfan ◽  
Muhammad Shujahat ◽  
Elaine Mosconi ◽  
...  
Keyword(s):  
Big Data ◽  
Value Creation ◽  
Oil And Gas ◽  
Positive Impact ◽  
Oil And Gas Industry ◽  
Cyber Attacks ◽  
Gas Industry ◽  
Content Type ◽  
Oil And Gas Companies

Purpose The purpose of this study is twofold: to investigate the role of big data in firms’ co-knowledge and value creation and to understand the underlying drivers behind value creation through big data in the oil and gas industry by underscoring the role of firms’ capabilities, trends and challenges. Design/methodology/approach Following an inductive approach, semi-structured interviews were conducted with senior managers and analysts working in oil and gas companies across eight countries. The data collected from these key informants were then analysed using the qualitative data analysis software ATLAS.ti. Findings Value creation through big data is an important factor for enhancing performance. It has a positive impact on both tangible (organisational performance) and intangible (societal) aspects depending on the context. Oil and gas companies understand the importance of big data to creating value in their operations. However, implementing and using big data has been problematic. In this study, a framework was developed to show that factors such as the shortage of data experts, poor data quality, the risk of cyber-attacks and unsupportive organisational cultures impede its implementation and utilisation. Research limitations/implications The findings from this study have implications for managers and executives implementing big data and creating value across various data-intensive industries. The research findings, are contextual, however, and should be applied cautiously. Originality/value This study contributes to the value creation literature in the big data context. The findings identify the key areas to be considered for the effective implementation and utilisation of big data in the oil and gas sector. This study addresses a broad but under-explored issue (i.e. knowledge creation from big data and its implementation) and strengthens the academic debate within this research stream.

Mining the air: Political ecologies of the circular carbon economy

2021 ◽  
pp. 251484862110614
Author(s):  
Holly Jean Buck
Keyword(s):  
Fossil Fuels ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil And Gas Industry ◽  
Carbon Utilization ◽  
Gas Industry ◽  
The Public ◽  
Fossil Carbon ◽  
Political Ecologies ◽  
Carbon Economy

Can fossil-based fuels become carbon neutral or carbon negative? The oil and gas industry is facing pressure to decarbonize, and new technologies are allowing companies and experts to imagine lower-carbon fossil fuels as part of a circular carbon economy. This paper draws on interviews with experts, ethnographic observations at carbontech and carbon management events, and interviews with members of the public along a suggested CO2 pipeline route from Iowa to Texas, to explore: What is driving the sociotechnical imaginary of circular fossil carbon among experts, and what are its prospects? How do people living in the landscapes that are expected to provide carbon utilization and removal services understand their desirability and workability? First, the paper examines a contradiction in views of carbon professionals: while experts understand the scale of infrastructure, energy, and capital required to build a circular carbon economy, they face constraints in advocating for policies commensurate with this scale, though they have developed strategies for managing this disconnect. Second, the paper describes views from the land in the central US, surfacing questions about the sustainability of new technologies, the prospect of carbon dioxide pipelines, and the way circular carbon industries could intersect trends of decline in small rural towns. Experts often fail to consider local priorities and expertise, and people in working landscapes may not see the priorities and plans of experts, constituting a “double unseeing.” Robust energy democracy involves not just resistance to dominant imaginaries of circular carbon, but articulation of alternatives. New forms of expert and community collaboration will be key to transcending this double unseeing and furthering energy democracy.

A perfect storm: how high levels of risk and weak internal controls resulted in violations of the foreign corrupt practices act

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Diana Franz
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
International Markets ◽  
Internal Controls ◽  
Strategic Decision ◽  
Department Of Justice ◽  
Gas Industry ◽  
Foreign Corrupt Practices Act ◽  
Content Type ◽  
Perfect Storm

Theoretical basis This case is based on Weatherford International’s settlement with the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). Both the SEC and the DOJ were critical of Weatherford for its violations of the Foreign Corrupt Practices Act and for its “inadequate internal controls.” This case explores the Foreign Corrupt Practices Act (FCPA) violations and issues related to internal controls. Research methodology Case study. Case overview/synopsis This case is based on Weatherford International’s settlement with the SEC and the Department of Justice. Weatherford provided equipment and services in the oil and gas industry. Because international markets were growing faster than domestic markets, Weatherford made a strategic decision to pursue growth in international markets. The oil and gas industry has high levels of operating risk as did the countries that Weatherford decided to pursue operations in. However, despite the decision to take on additional risk, Weatherford failed to implement adequate systems of internal controls. The title of the case “A Perfect Storm” refers to Weatherford’s trifecta of operating in an industry with high levels of corruption risk, countries with high levels of corruption risk and failing to implement adequate internal controls despite those high operating risks (Department of Justice, 2013). Weatherford was ultimately assessed a $152m penalty for its violations of the FCPA that included bribery, volume discounts, improper payments and kickbacks. Complexity academic level Undergraduate and graduate auditing classes.

Energy and Environment

2020 ◽  
pp. 185-206
Author(s):  
Kenneth P. Miller
Keyword(s):  
Renewable Energy ◽  
Global Economy ◽  
Fossil Fuels ◽  
Oil And Gas ◽  
Renewable Energy Sources ◽  
Oil And Gas Industry ◽  
Environmental Policies ◽  
Federal Law ◽  
Gas Industry ◽  
Energy And Environment

This chapter examines the deep Texas-California divide over energy and environmental policies. The modern Texas economy was built on energy, and the state remains the nation’s leading producer. The state’s development of fracking has revolutionized the oil and gas industry and has helped the nation break its dependence on foreign oil. Texas has also increased its production of renewable energy, but believes the global economy will rely for the foreseeable future on fossil fuels and resists restrictions on these resources. California, by contrast, has become a global leader in the fight against climate change. It has aggressively regulated carbon emissions and mandated a massive switch to renewable energy sources. California is the only state that can impose emissions regulations more strict than federal standards. As power has shifted in Washington, California has alternated between translating its environmental policies into federal law and defending its policies from federal challenge.

Clean development mechanism and carbon emissions in Nigeria

2019 ◽  
Vol 11 (3) ◽  
pp. 523-551 ◽  
Author(s):  
Sani Damamisau Mohammed
Keyword(s):  
Carbon Emissions ◽  
Clean Development Mechanism ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
International Market ◽  
Government Policies ◽  
Gas Industry ◽  
Content Type ◽  
Gas Flaring ◽  
Nigerian Government

Purpose Carbon emissions from gas flaring in the Nigerian oil and gas industry are both a national and international problem. Nigerian government policies to eliminate the problem 1960-2016 yielded little or no results. The Kyoto Protocol (KP) provides Clean Development Mechanism (CDM) as an international market-based mechanism to reducing global carbon emissions. Therefore, the purpose of this paper is to analytically highlight the potentials of CDM in eliminating carbon emissions in the Nigerian oil and gas industry. Design/methodology/approach This paper reviewed the historical background of Kyoto protocol, Nigerian Government policies to eliminating gas flaring in its oil and gas industry 1960-2016 and CDM projects in the industry. The effectiveness of the policies and CDM projects towards ending this problem were descriptively analysed. Findings Government policies towards eliminating gas flaring with its attendant carbon emissions appeared not to be yielding the desired results. However, projects registered under CDM in the industry looks effective in ending the problem. Research limitations/implications Therefore, the success recorded by CDM projects has the policy implication of encouraging Nigeria to engage on establishing more CDM projects that ostensibly proved effective in reducing CO2 emissions through gas flaring reductions in its oil and gas industry. Apparent effectiveness of studied CDM should provide a way forward for the country in eliminating gas flaring in its oil and gas industry which is also a global menace. Nigeria could achieve this by providing all needed facilitation to realising more CDM investments. Practical implications CDM as a policy has proved effective in eliminating gas flaring in the Nigerian oil and gas industry. The government should adopt this international policy to achieve more gas flaring reductions. Social implications Social problems of respiratory diseases, water pollution and food shortage among others due to gas flaring are persisting in oil and gas producing areas as government policies failed to end the problem. CDM projects in the industry have proved effective in eliminating the problem, thus improving the social welfare of the people and ensuring sustainable development. Originality/value The paper analysed the effectiveness of Nigerian Government policies and an international market-based mechanism towards ending gas flaring in its oil and gas industry.

Research shows oil and gas companies could do far more to help female expatriates to mobilize dual-career strategies

2020 ◽  
Vol 28 (6) ◽  
pp. 21-23
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Dual Career ◽  
Heterosexual Relationships ◽  
Strategic Choices ◽  
Gas Industry ◽  
Content Type ◽  
Employment Conditions ◽  
Career Strategies ◽  
Oil And Gas Companies

Purpose The purpose of this study is to examine how female expatriates mobilize couples’ dual-career coordination strategic choices to achieve their own and their partners’ desired career goals. Design/methodology/approach The researcher initially contacted 45 expatriate women in heterosexual relationships by email. More detailed interviews were done verbally with 20 of the women. The participants were asked to explain what actions they had taken, and also the effectiveness of any employer support, to maintain two successful careers Findings The women working were often angry and disappointed with their organizations’ lack of support for their dual career strategies. They adopted strategies of their own to further mutual careers while keeping relationships on track. One is to work with their organizations to secure favorable employment conditions that minimize periods of separation and, if possible, facilitate suitable employment for their partners. A second strategy is to develop personal tactics of cooperation and coordination Originality/value The results are a demonstration to the oil and gas industry that they need to do more to support dual career couples, or they will lose out on a lot of talent.

Submerged Production Unit: Design and Method for Launch and Tow to Field

2019 ◽  
Author(s):  
Venkatesan Arumugam Elumalai ◽  
Sigbjørn Daasvatn ◽  
Daniel Karunakaran ◽  
Kjell Larsen ◽  
Bernt Johan Leira
Keyword(s):  
Fossil Fuels ◽  
Oil And Gas ◽  
Production Systems ◽  
Oil And Gas Industry ◽  
Production Unit ◽  
Initial Attempt ◽  
Gas Industry ◽  
Reinforced Plastic ◽  
Heavy Lift ◽  
Master's Thesis

Abstract The requirement for fossil fuels expedites for an advancement in the existing subsea technology. The developments evolved as the search for hydrocarbons moved from onshore to offshore, followed by a transition from shallow to deep and ultra-deep waters. Another huge milestone was achieved, when production systems made a transition from topsides to subsea units for efficiency. Currently, there is an enormous drive to minimize the operational costs involved in the processing of hydro-carbons. Researches are underway towards what would be yet another significant feat in the oil and gas industry, which is by moving the processing systems to subsea. One such impressive concept, which is being developed, is the Submerged Production Unit (SPU). This study is an initial attempt to investigate the challenges associated with the SPU focusing on the factors influencing design, launching and towing. A design concept that goes back and forth from performance and design spaces was used in modelling the SPU, solving the complexity that revolved around assembling the hollow Glass Reinforced Plastic (GRP) beams with subsea buoyancy materials. Submerged Tow Method (STM), an adaptation of Controlled Depth Tow Method (CDTM) was used instead of the conventional way of lifting the equipment using cranes of heavy lift vessels or construction vessels on site during deployment considering cost and safety. OrcaFlex software was used for towing analysis. End force in global X direction on towline, obtained from static analysis was used to identify the Bollard Pull (BP) required for towing the SPU. Dynamic analysis was performed for different environmental conditions to identify the maximum effective tension on the towline. BP requirement of 100t was estimated from the towing analysis. This study was carried out by author as a master’s thesis [1].

The role of project management office in developing knowledge management infrastructure

2020 ◽  
Vol 27 (10) ◽  
pp. 3261-3287 ◽  
Author(s):  
Hani Arbabi ◽  
Mohammad-Javad Salehi-Taleshi ◽  
Kian Ghods
Keyword(s):  
Knowledge Management ◽  
Project Management ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Technical Support ◽  
Practice Management ◽  
Second Phase ◽  
Gas Industry ◽  
Content Type ◽  
The Relationship

PurposeKnowledge management (KM) is regarded as an essential factor in project-based organizations (PBOs), leading to organizational learning across projects. Over recent years, most PBOs have inserted project management offices (PMOs) into their hierarchical charts to manage their projects much more coherently. These offices can correspondingly provide KM facilities in PBOs. Thus, this study aimed to analyze the relationship between PMO functions and KM infrastructure, as KM enablers in organizations, in Iranian oil and gas upstream PBOs.Design/methodology/approachA two-phase quantitative survey strategy was exercised in this research. The first phase was to investigate the relationship between PMOs and KM infrastructure and to prioritize PMO functions and KM infrastructure based on their existing implementation/establishment status in Iranian oil and gas upstream PBOs. The research participants, identified through the website of the National Iran Oil Company (NIOC), were comprised of 46 oil and gas upstream PBOs which applied for exploration and production (E&P) certificate in Iran in 2016 and 2017. Accordingly, a total number of 46 questionnaires were submitted to the aforementioned companies with a return rate of 41 cases. The second phase was fulfilled questioning 19 Iranian oil and gas industry experts to determine the one-to-one effect of PMO functions on KM infrastructure and to verify the first-phase results.FindingsThe results indicated a strong relationship between PMO functions and KM infrastructure. This relationship was significant with regard to “practice management” and “technical support”, having the most considerable connections with KM infrastructure. According to the first-phase results, the main functions of PMOs in Iranian oil and gas industry were “practice management” and “technical support”. Considering KM infrastructure, “structure” showed the lowest mean value while “culture”, “human resources” and “processes and procedures” obtained the highest scores. The results also demonstrated that PMO functions could lead to more improvements in “processes and procedures”, as a sub-component of KM infrastructure, compared with other sub-components. Furthermore, the oil and gas industry experts believed that “organizational culture” in KM could be shaped by most of PMO functions.Originality/valueThis study fulfilled the need for exploring the relationship between PMO functions and KM since academic literature lacked a thorough investigation, to the best of authors' knowledge, pertaining to the effects of PMO functions on KM development in oil and gas PBOs.

Integration between RCM and RAM: a case study

2016 ◽  
Vol 33 (6) ◽  
pp. 852-880 ◽  
Author(s):  
Ilaria De Sanctis ◽  
Claudia Paciarotti ◽  
Oreste Di Giovine
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Practical Method ◽  
Environmental Safety ◽  
Gas Industry ◽  
Content Type ◽  
Availability Analysis ◽  
Plant Safety ◽  
Offshore Industry

Purpose – The purpose of this paper is to propose a practical method of performing maintenance in the offshore industry where engineers have to manage problems such as the high cost of operations, assuring an high availability of the plant, safety on board and environmental protection. Indeed an efficient maintenance method it is necessary in order to offer methods and criteria to select the rights maintenance strategies keeping in to account the environmental, safety and production constrains. Design/methodology/approach – The paper provides an overview of reliability centered maintenance (RCM) and reliability, availability, maintainability methodologies and an integration of the two methodologies in a particular case study in the oil and gas sector. Findings – This paper suggests an improvement of the well-established RCM methodology applicable to industries with high priority level. It is proposed an integration between a reliability analysis and an availability analysis and an application on the offshore oil and gas industry. Practical implications – The methodology provides an excellent tool that can be utilized in industries, where safety, regulations and the availability of the plant play a fundamental role. Originality/value – The proposed methodology provides a practical method for selecting the best maintenance strategy considering the equipment redundancy and sparing, the asset’s performance over long time scales, and the system uptime, downtime and slowdowns.

Turning potential collision into cooperation in Ghana’s oil industry

2015 ◽  
Vol 10 (2) ◽  
pp. 118-131 ◽  
Author(s):  
Kwesi Amponsah-Tawiah ◽  
Kwasi Dartey-Baah ◽  
Kobena Osam
Keyword(s):  
Oil And Gas ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Content Type ◽  
Oil Companies ◽  
Critical Issues ◽  
Oil Sector ◽  
Stakeholder Interactions ◽  
Corporate Social

Purpose – This paper aims to examine the potential impact of the presence of oil resource on the Ghanaian society. Specifically, the paper investigates the relationship between key stakeholders in the oil sector, how stakeholder interactions create the potential for collision and advances measures aimed at turning possible collision into cooperation. Design/methodology/approach – The paper uses a literature review-based approach, drawing on existing literature in a number of areas including corporate social responsibility (CSR), oil and gas industry in Ghana and Nigeria as well as communication. Findings – The paper advances that expectations of stakeholders as regards oil being a panacea to all their problems must be managed to avoid possible collision. Additionally, Ghana’s oil industry must identify and engage all stakeholders in planning suitable and sustainable CSR programmes for economic development, thus fostering a friendly environment for oil companies. Transparency and accountability are also needed to promote cooperation rather than collision among stakeholders in Ghana’s oil industry. Originality/value – This paper raises and brings to the fore critical issues that can lead to potential collisions in the oil and gas industry in Ghana if not well-managed, and thus an innovative work in that regard.

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