EXCELLENCE TO HANDLE WHAT’S NEXT IN THE INDUSTRY
THREE WAYS OIL & GAS ORGANISATIONS ARE USING OPERATIONAL
BY JOHN TIMSON, BUSINESS DEVELOPMENT MANAGER, IFS O
il and gas organisations face a myriad of challenges that hinder operating at maximum potential. Globalisation and a shift in exploration have made delivering profitably while maintaining compliance a significant struggle. The first step in achieving Operational Excellence (OE) is identifying those top challenges that are obstructing profitability and operational efficiency. The top challenges we have identified that oil and gas organisations are facing are:
AGEING ASSETS Over 50% of global pro- duction comes from assets beyond their midpoint of the asset lifecycle. This increases the risk of equipment failure and asset downtime as well as potentially jeopardising health, safety and compliance. Additionally, if assets have been over- used or not properly maintained, they won’t be running at optimal efficiency.
DECLINING EFFICIENCIES Project planning, tactical execu- tion, and finan- cial overhead are becoming more difficult to manage thanks to increased governmental reg- ulations and globalisation. Mergers, acquisitions and consolidations that have become commonplace in the industry create even more challenges thanks to reduced communication between people and systems.
RISING STAKEHOLDER EXPECTATIONS Demands on oil and gas organisa- tions are higher than ever. Stakeholders expect higher refining margins but are demanding that organ- isations reduce risk at the same time. Government regulations have become more stringent, which becomes even more of a challenge when handling compliance across multiple regions with varying protocols.
The most successful organisations are handling these challenges by implementing a company-wide operational excellence strategy from the top down. The strategy, expectations and processes must be defined first and then executed across the board in order to see successful change. First, an audit of current operations should be conducted to understand scope and gaps. Then, the necessary tools, people, and systems need to be evaluated, followed by a rigorous selection process. IFS has used industry research and customer case studies to pinpoint three ways that oil and gas organisations have been suc- cessful in their path to achieving operational excellence.
IFS WORLD 25
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