ABSTRACT
According to the United States Environmental Protection Agency (US EPA), emissions from oil and gas infrastructure contribute 30 % of all anthropogenic methane (CH4) emissions in the US. Studies in the last decade have shown emissions from this sector to be substantially larger than bottom-up assessments, including the EPA inventory, highlighting both the increased importance of methane emissions from the oil and gas sector in terms of their overall climatological impact and the need for independent monitoring of these emissions. In this study we present continuous monitoring of regional methane emissions from two oil and gas basins using tower-based observing networks. Continuous methane measurements were taken at four tower sites in the northeastern Marcellus basin from May 2015 through December 2016 and five tower sites in the Delaware basin in the western Permian from March 2020 through April 2022. These measurements, an atmospheric transport model, and prior emission fields are combined using an atmospheric inversion to estimate monthly methane emissions in the two regions. This study finds the mean overall emission rate from the Delaware basin during the measurement period to be 146–210 Mg CH4 h-1 (energy-normalized loss rate of 1.1 %–1.5 %, gas-normalized rate of 2.5 %–3.5 %). Strong temporal variability in the emissions was present, with the lowest emission rates occurring during the onset of the COVID-19 pandemic. Additionally, a synthetic model–data experiment performed using the Delaware tower network shows that the presence of intermittent sources is not a significant source of uncertainty in monthly quantification of the mean emission rate. In the Marcellus, this study finds the overall mean emission rate to be 19–28 Mg CH4 h-1 (gas-normalized loss rate of 0.30 %–0.45 %), with relative consistency in the emission rate over time. These totals align with aircraft top-down estimates from the same time periods. In both basins, the tower network was able to constrain monthly flux estimates within ±20 % uncertainty in the Delaware and ±24 % uncertainty in the Marcellus. The results from this study demonstrate the ability to monitor emissions continuously and detect changes in the emissions field, even in a basin with relatively low emissions and complex background conditions.
ABSTRACT
The oil industry is experiencing a critical situation as the Covid-19 pandemic outbreak. There are several challenges that facing the industry specially the investors as the global decline in demand for Energy merchandises, the future exploration and development drilling in new assets that require massive investments is still uncertain based on the current market price and conditions. The much-reported fall in oil prices and the acute pressure on IOCs to survive in this environment led the companies to stop many ongoing projects and shrink work profile that affected the oil production all over the world. The situation in Egypt is quite challenging for the investors as Egypt is a big consumer, along with the political stability that kept the economy running directed the big IOCs to embrace innovative approaches to lower the operating costs that has the direct impact on the cost per barrel to support maintaining the country growth and secure current energy demand. Dragon Oil company as newly introduced to Egypt's market after acquiring the market shares of one of the major joint ventures in Egypt (Gulf of Suez Petroleum Company- GUPCO) in October 2019 has faced the same dilemma of exerted pressure on the expenditures (Capex and Opex) in order to cope with the global market circumstances. However that didn't deter the company to embrace an innovative way of thinking and handling for the situation. Dragon Oil/GUPCO multi-disciplinary teams achieved successfully a production incremental increase of 10,000 barrels per day through the past six month by adapting a strategic management innovative plans, alternative lower cost technical solutions, production optimization and introducing new proved technologies to the 50 years old assets. This paper will highlight the complete workflow adopted by GUPCO/Dragon Oil teams covering the whole process aspects;appraise, select, define and execution phases to achieve the company goals. The work done was including restoring production from Shut-in offshore platforms or wells via fixing the surface network using neoteric solutions, widely applying rigless interventions using several new techniques in the current producers to maximize their production and optimizing the production cycle across the four production chokes In Summary, Dragon Oil/GUPCO teams managed to increase GUPCO's production despite of the restricted budget and the negative impact of COVID-19 pandemic on the oil price and reach an outstanding performance in operation excellence and safety aspects that results in arresting the natural decline and increase the growth production by about 15% from the 2019 Average production. Copyright © 2023, Society of Petroleum Engineers.
ABSTRACT
In recent years, time series forecasting has become an essential tool for stock market analysts to make informed decisions regarding stock prices. The present research makes use of various exponential smoothing forecasting methods. These include exponential smoothing with multiplicative errors and additive trend (MAN), exponential smoothing with multiplicative errors (MNN), and simple exponential smoothing with additive errors (ANN) for the forecasting of the stock prices of six different companies in the petroleum, electricity, and gas industries that are listed in the IBEX35 index. The database employed for this research contained the IBEX35 index values and stock closing prices from 3 January 2000 to 30 December 2022. The models trained with this data were employed in order to forecast the index value and the closing prices of the stocks under study from 2 January 2023 to 24 March 2023. The results obtained confirmed that although none of the proposed models outperformed the rest for all the companies, it is possible to calculate forecasting models able to predict a 95% confidence interval about real stock closing values and where the index will be in the following three months.
ABSTRACT
Despite a significant increase in global clean energy investments, as part of the decarbonization process, it remains insufficient to meet the demand for energy services in a sustainable manner. This study investigates the performance of sustainable energy equity investments, with focus on environmental markets, using monthly equity index data from 31 August 2009 to 30 December 2022. The main contributions of our study are (i) assessment of the performance of trading strategies based on the trend, momentum, and volatility of Environmental Opportunities (EO) and Environmental Technologies (ET) equity indices;and (ii) comparison of the performance of sustainable equity index investments to fossil fuel-based and major global equity indices. Market performance evaluation based on technical analysis tools such as the Relative Strength Index (RSI), Moving Averages, and Average True Range (ATR) is captured through the Sharpe and the Sharpe per trade. The analysis is divided according to regional, sector, and global EO indices, fossil fuel-based indices, and the key global stock market indices. Our findings reveal that a momentum-based strategy performed best for the MSCI Global Alternative Energy index with the highest excess return per unit of risk, followed by the fossil fuel-based indices. A trend-based strategy worked best for the MSCI Global Alternative Energy and EO 100 indices. The use of volatility-based information yielded the highest Sharpe ratio for EO Europe, followed by the Oil and Gas Exploration and Production industry, and MSCI Global Alternative Energy. We further find that a trader relying on a system which simultaneously provides momentum, trend, or volatility information would yield positive returns only for the MSCI Global Alternative Energy, the S&P Oil and Exploration and Production industry, NYSE Arca Oil, and FTSE 100 indices. Overall, despite the superior performance of the MSCI Global Alternative Energy index when using momentum and trend strategies, most region and sector EOs performed poorly compared to fossil fuel-based indices. The results suggest that the existing crude oil prices continue to allow fossil fuel-based equity investments to outperform most environmentally sustainable equity investments. These findings support that sustainable investments, on average, have yet to demonstrate consistent superior performance over non-renewable energy investments which demonstrates the need for continued, rigorous, and accommodating regulatory policy actions from government bodies in order to reorient significant capital flows towards sustainable equity investments.
ABSTRACT
Climate change, the scarcity of fossil fuels, advances in clean energy, and volatility of crude oil prices have led to the recognition of clean energy as a viable alternative to dirty energy. This paper investigates the multifractal scaling behavior and efficiency of green finance markets, as well as traditional markets such as gold, crude oil, and natural gas between 1 January 2018, and 9 March 2023. To test the serial dependency (autocorrelation) and the efficient market hypothesis, in its weak form, we employed the Lo and Mackinlay test and the DFA method. The empirical findings showed that returns data series exhibit signs of (in)efficiency. Additionally, there is a negative autocorrelation among the crude oil market, the Clean Energy Fuels Index, the Global Clean Energy Index, the gold market, and the natural gas market. Arbitration strategies can be used to obtain abnormal returns, but caution should be exercised as prices may increase above their actual market value and reduce the profitability of trading. This work contributes to the body of knowledge on sustainable finance by teaching investors how to use predictive strategies on the future values of their investments.
ABSTRACT
The global economy is moving into a new era characterized by digital and green development. To examine the impact of digital industrialization development on the energy supply chain, in relation to the sustainable development of China's energy security, we discuss the nonlinear impact and transmission mechanism of digital industrialization on the supply chain of the energy industry using a panel threshold regression model based on sample data on the development of the provincial natural gas industry in China from 2006 to 2020. We found that there are multiple threshold effects of digital industrialization level development on energy supply chain length, and the results are statistically significant, i.e., digital industrialization development positively contributes to natural gas supply chain length after digital industrialization is raised to or crosses the critical threshold. Meanwhile, the heterogeneity analysis results show that there are differences in the impact of digital industrialization on the energy supply chain from sub-sectors, regional development differences, and different development periods. Therefore, we provide some factual support and experience for achieving the construction goal of "Digital China" and accelerating the digital reform of the energy supply chain as well as transforming and upgrading the economic structure.
ABSTRACT
We analyse the evolution of the systemic risk impact of oil and natural gas companies since 2000. This period is characterised by several events that affected energy source markets: the real effect of the global financial crisis, the explosion of shale production and the diffusion of the Covid-19 pandemic. The price of oil and natural gas showed extreme swings, impacting companies' financial situations, which, accompanied by technological developments in shale production, had an impact on the debt issuance and on the overall risk level of the oil and natural gas sector. By studying the systemic impact of oil and natural gas companies on risk in the financial market, measured by the ΔCoVaR, we observe that in the most recent decade, their role is sensibly increasing compared to 2000–2010, even accounting for the possible effect associated with the increase in companies' sizes. In addition, our results show evidence of a decreasing relevance of traditional drivers of systemic risk, suggesting that additional factors might be present. Finally, when focusing on the impact of Covid-19, we document its relevant role in fuelling the increase in the oil and natural gas companies' systemic impact. © 2023 The Authors
ABSTRACT
Oil and gas remote operations (RO) enabled by automation and digital solutions are reducing the number of people required to work in the wellsite;many subject matter experts can now complete their daily tasks from the safety of the office in town. We have been transitioning to these new ways of working for some time, and the progress has been greatly accelerated to help ensure business continuity for customers during COVID-19 restrictions, allowing high numbers of wellsite operatives the freedom to work from home. For the Oil & Gas companies that have experimented with more technology, the results have been incredible. Digital transformation has finally hit the industry and it's taking off to meet sustainable goal of upstream companies, this transformation is one such measure by which these goals can be approached. Despite the global availability of technology to handle analytical task from a safe distance, substantial drilling activities have been carried out traditionally across globe. Such traditional drilling operations were carried out in Thailand where client and SLB work together in fast paced factory drilling environment where an oil well can drill and complete within 7 days for 2 strings (2-sections only) 2400-2600 m in onshore operation which requires experienced people to monitor and execute tasks. To support such operation from town i.e., remotely with systematic monitoring by skilled people, one requires to adapt digitization. This paper demonstrates the ability of SLB to adapt the digital environment by introducing "Remote Operation Center" setup enabling to help client achieve their sustainable goals within budget and provided an alternate solution to sustain operations in COVID-19 pandemic. Remote Operations is the ability to operate a system or a machine at a distance;one can handle multiple operations from a safe environment of office in town using technology. It unfolds analytical task & physical task;the former is handed over to Remote Operation Center and physical task is left at rig crew. The Remote Operation Center execute both Directional Drilling (DD) and Measurement & Logging While Drilling (MLWD) services at the well site, from town. Executing Directional Drilling Remote Operation was more challenging. RO moves industry towards future and pushes all other traditional players to work on sustainable goals while adapting to digital environment. On site presence of crew was reduced by 50% while maintaining same pace of operations with better data analysis. Copyright 2023, Society of Petroleum Engineers.
ABSTRACT
Amidst the ongoing COVID-19 pandemic, the contentious U.S. 2020 presidential election featured candidates with quite different stances on regulating the oil and gas industry, leaving many to question the longevity of fossil fuel use. However, little research explores the relationship between presidential policies and the oil market. In this paper, extensive research into presidential energy policies and their effects on domestic oil prices and production dating back to 1977 helps us identify whether we can predict the industry's future under Joe Biden's administration. The paper's results suggest the domestic oil industry is more dependent on external foreign events - with presidential policies offering almost negligible effects on prices and production.
ABSTRACT
Post Covid-19 pandemic and the Ukrainian war are significantly impacting energy systems worldwide, faltering investments and threatening to throttle the expansion of primary clean energy technologies, even in the case of a well-structured and managed energy system, such as Norway. This unprecedented crisis requires deeper analyses and well-measured actions from the main actors in Norway's energy and climate sector. Hence, providing and highlighting needed interventions and improvements in the energy system is crucial. This study analyzes demand-side energy in Norway's households, industry, transport, and "other” sectors. LEAP model, a powerful energy system analysis tool, was used to conduct the analysis based on Baseline and Mitigation scenarios. The energy demand by sector and fuel type toward 2050 is forecasted, firstly by considering a set of parameters and key assumptions that impact the security of supply and secondly on the ambitious target of Norway's government in decreasing GHG emissions by 55% in 2030 and 90–95% by the year 2050 compared to 1990 levels. The mitigation scenario aims to diversify the overall national energy system and technological changes based on large-scale renewable energy sources (RES) integration. From the perspective of climate change issues, EV's include an attractive option for deep decarbonization, including other sustainable fuel sources such as H2, biofuel mixed with diesel, the use of excess heat deriving from industry to cover households' heating demand, and integration of large-scale heat pumps driven by RES during off-peak demand is applied. Energy demand projections are uncertain, and the main goal is to show how different scenario projections up to 2050 affect the whole of Norway's energy system, leading to a combined global warming potential (GWP) of around 7.30 MtCO2 in the mitigation scenario from 56.40 MtCO2 tones released in the baseline scenario, by reaching only 77.5% reduction referring to 1990 level. This study's findings show that the net-zero ambitions by the end of 2050 are impossible without the carbon tax application and carbon capture storage (CCS), especially in the oil and gas industry. © 2023 The Authors
ABSTRACT
The paper aims to describe the experiences, challenges faced, and lessons learnt on how The Company Well Services division is managing the risks associate to COVID-19. The global COVID-19 pandemic spread in late 2019 and turned into one of the biggest challenges facing all industries including the oil and gas industry- in decades. The most challenging aspect of COVID-19 is its contagion rate, and its ability to spread from both non-symptomatic and symptomatic people to others who are in close contact through respiratory droplets, by direct contact with infected persons, or by contact with contaminated objects and surfaces. Today, we must consider this new reality into business continuity planning and take all necessary precautions to mitigate its spread within the organization. As the health and safety of the employees and contractors is paramount to the Company and based on the Company commitment to provide better service quality to its clients, a thorough emergency response system that includes precaution measures to help fighting against COVID-19 and its potential to negatively impact the business was created. Furthermore, The Company COVID-19 Management Standard set the minimum requirements, to manage the risks associate to the COVID-19. A Crisis Management Team was formed to oversee the implementation of COVID-19 decisions and raise awareness within the Company. All field personnel were required to comply to COVID-19 precautions during operations. With the implementation of new procedures, we were able to maintain the lowest confirmed case numbers among all the companies in our operational sector. Though it was challenging at the beginning for employees to comply, the new requirements have become the normal standard today. These new measures focus on the importance of employee health and safety when working through COVID-19 pandemic and has helped to educate people on the importance of following health and safety procedures as way of life for everyone while maintaining the Company Operational Sustainability. Copyright © 2022, International Petroleum Technology Conference.
ABSTRACT
Imports and export have a significant contribution to increasing the effect of economies of scale and industrialization and lead to an increase in foreign exchange earnings. The oil and gas industry is a prime factor of development in the Indian economy. The natural gas and petroleum sector of India contributes one-seventh percent of the South Asian countries. Petroleum products can be considered ranked among the top five contributors of export trade in India. With the spread of COVID-19 at an exponential rate leading to shut down of industries, manufacturing, transportation, and offices, it has widely impacted the global supply chain. This research aims at studying the effect of COVID-19 on the export and import volumes of petroleum products and crude oil in India. Along with that, the research also covers the changes observed in the consumption and production of petroleum products and domestic and international exchange rate of crude oil before and after the outbreak of COVID-19. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
ABSTRACT
The past few years have been challenging for the oil and gas industry. Many processes and operations have needed to adapt to lower oil and gas prices, caused in part by the COVID-19 pandemic. Understanding reservoir producibility and proving reserves are keys to generating a reservoir field development plan (FDP). However, the different processes to obtain such answers are strongly dependent on cost. The value of information is an extremely important criterion for operators to decide whether to proceed with their discoveries. In an interval pressure transient test (IPTT), a formation tester is used to pump a fluid from a single point or small interval of the formation into the wellbore. Zones of interest can be isolated and tested separately zone by zone. Mud filtrate and reservoir fluids are pumped continuously using the downhole pump, and a downhole fluid analyzer (DFA) is used to monitor the fluid cleanup process. The post-pumping p pressure buildup can be analyzed in a similar manner to traditional well test analysis. Such IPTT have been available since 1980s;however, comparisons of IPTT to actual well tests and other permeability measurements were rarely published until the early 2000s. IPTT have been widely used in the past 20 years, especially in combination with dual packers, and more recently with single packers. Operation efficiency and safety have improved significantly. However, interpretation of the pressure transient obtained from an IPTT is not always well understood. Frequently asked questions (FAQs) include the following: 1. What is an IPTT or a vertical interference test (VIT)? 2. How does an IPTT compare with other permeability measurements? 3. What are the different scales of pressure transient data? 4. How do we upscale zone permeability to an entire reservoir interval? 5. What is next? This paper will address these questions using both reservoir simulation and field data. The field examples are from different environments, ranging from shallow marine to turbidite to deepwater environments, with different fluid systems, such as black oil, heavy oil, waxy oil, gas, and gas condensate. Geographically, the field data include examples from South East Asia and the Middle East. Permeability obtained from pretests, IPTT, nuclear magnetic resonance (NMR), core analyses, and well testing will be compared. Recently deep transient testing (DTT) has been introduced in the industry. With DTT, we can flow faster and longer than previously possible with formation testers, enabling pressure transient analysis in higher permeability and thicker formation. Further data quality improvements come from new, high-resolution gauges deployed with an intelligent wireline formation testing platform. This paper includes a review of the DTT method with several field examples. Finally, the advantages and disadvantages of the different testing methods are discussed relative to the test objectives, with the intent to provide a cost-effective data selection method to ensure sufficient FDP input and to justify the value of investment to the relevant stakeholder. Copyright © 2023, International Petroleum Technology Conference.
ABSTRACT
In this article, proportional‐integral (PI) control to ensure stable operation of a steam turbine in a natural gas combined cycle power plant is investigated, since active power control is very important due to the constantly changing power flow differences between supply and demand in power systems. For this purpose, an approach combining stability and optimization in PI control of a steam turbine in a natural gas combined cycle power plant is proposed. First, the regions of the PI controller, which will stabilize this power plant system in closed loop, are obtained by parameter space approach method. In the next step of this article, it is aimed to find the best parameter values of the PI controller, which stabilizes the system in the parameter space, with artificial intelligence‐based control and metaheuristic optimization. Through parameter space approach, the proposed optimization algorithms limit the search space to a stable region. The controller parameters are examined with Particle Swarm Optimization based PI, artificial bee colony based PI, genetic algorithm based PI, gray wolf optimization based PI, equilibrium optimization based PI, atom search optimization based PI, coronavirus herd immunity optimization based PI, and adaptive neuro‐fuzzy inference system based PI (ANFIS‐PI) algorithms. The optimized PI controller parameters are applied to the system model, and the transient responses performances of the system output signals are compared. Comparison results of all these methods based on parameter space approach that guarantee stability for this power plant system are presented. According to the results, ANFIS‐ PI controller is better than other methods.
ABSTRACT
The Oil and Gas (O&G) industry is used to cycles of lows and highs due to different challenging economic and political situations. Yet the challenges caused by the sanitary crisis due to the covid-19 pandemic are certainly like no others. The shutdown of a large number of social activities had a direct impact on energy consumption. Many studies [1], [2] and [3] have been published at the beginning of the covid-19 pandemic to predict impacts of the restrictions imposed on a global scale: decline in global oil demand, saturation of storage capacities and delay of exploration and production projects. Companies facing this unprecedented crisis had no option but to adopt innovative ways of driving costs lower and maximizing operational efficiency. As a consequence, the pace at which Data Science (DS) is finding its way to O&G applications has been noticeably accelerated although the O&G industry is one of the latecomers to digitalization [4]. The adoption of DS and data-driven solutions has moved from gaining acceptance in the industry to becoming a necessity to many companies. According to a Gartner survey [5], the O&G industry commitment to investment in digital transformation in general had become the first priority in 2021 while it was third-highest priority in 2019 and not even funded in 2014. This involves investments in data acquisition techniques through innovative sensing technologies but also investments in advanced data aggregation and analytics platforms. AI/ML/analytics are listed in the same survey [5] as "top game-changing technologies in 2021". The 2021 survey also states that 50% of the O&G companies have plans to increase their investments in AI/ML and related fields such as cloud-computing. But adoption and operationalization of DS does not come with no challenges. Acceptance and reliance on data-driven models need a favorable cultural and technical environment that is not necessarily compatible with the conventional corporate-like outlook of O&G companies: Data privacy and ownership regulations can diminish DS efforts. Security restrictions can prevent deployment of ML models to end users. All of these challenges are accentuated by the absence of a clear process model to implement and manage DS projects. In this paper, we survey the actual challenges the O&G industry is facing and present a number of corresponding solutions. The paper is structured as follows. The first section explores the state of the art of data-driven models in the O&G industry. The second section lists the challenges DS is facing within the O&G industry and proposes a classification of these challenges into three main classes, namely: human, data and infrastructure related challenges. The paper also proposes an O&G specific framework for DS projects to overcome these identified challenges. Copyright © 2022, International Petroleum Technology Conference.
ABSTRACT
It has been recognized that Digitalization in the oil and gas industry, as emerging information communication and technology, can improve collaboration to different extents. However, because of the fast progress of Digitalization adoption both on the scope and in-depth, there is a knowledge gap between industry and academia that lacks systematic analysis on critical success factors (CSFs) of implementing Digitalization for collaboration in the oil and gas industry. This study develops a digitalization framework for collaboration from technical, organizational, process, and legal scopes. It identifies the CSFs of Digitalization in each scope based on the latest publications. From a system analysis perspective, the pair-relationship matrix is established to reveal the hidden effect between CSFs. The CSFs in the specific Digitalization application areas are identified based on the matrix. The Innovative Digital Race is based on the evolution of the operational backbone of the engineering domain, driven by advancements in Artificial Intelligence, Machine Learning, Deep Learning, Automation, energy technologies, and data-driven prediction and analytics. Organizations are constantly buffeted by unexpected events, from the COVID-19 pandemic to climate change to political unrest. In contrast, the promise of digital transformation to prosper and outperform the challenges during disturbances stays apparent as digital is responsible for supporting digital enterprise technology. As a result, enterprises can embrace innovations to accelerate growth and strategically drive the enterprise forward through gaining trusted digital connections, solutions to disruptive scale digital creativity, and innovative capacities to post business growth and resilience. © 2022, Offshore Technology Conference. All rights reserved.
ABSTRACT
This paper aims to detail key success factors in understanding the effective principles of managing the health and well-being of the contractor workforce during and post pandemics, specifically for organizations in the oil, gas and energy industry. Furthermore, it shall provide insights and guidance on how to maintain and enhance contractor workforce experience, particularly during and post the COVID-19 pandemic;detailing the benefits of having well-established health management programs designed specifically for the contractor workforce. The social determinants of health (SDH) can be defined as the social and economic conditions in which people are born, grow, live, learn, work and age. They are nonmedical factors that influence a vast range of health conditions;affecting individuals' overall quality-of-life. Economic policies, social norms and political systems are all examples of forces and factors that shape daily life conditions and affect human health (ODPHP, n.d.;WHO, n.d.a). SDH also encompasses education, employment, socioeconomic status, access to health care, social support as well as neighborhood and physical environment (Artiga and Hinton, 2018). SDH have a crucial influence on health disparities and inequities - "the unfair and avoidable differences in health status seen within and between countries" (CDC, 2020). A well-known key factor in the emergence and perpetuation of health disparities is housing. Several researchers from a diverse array of disciplines explored the various aspects of the association between housing, health and well-being. They endeavored to comprehensively elucidate the major pathways through which housing conditions can negatively impact health equity, with a focus on the broad spectrum of hazardous exposures, their accumulated impact and their historical production. As reported by Rolfe et al. (2020), there is compelling evidence of poor physical health consequences of toxins within homes, damp and mold, cold indoor temperatures, overcrowding, and safety factors. Beyond the aforementioned impacts of physical aspects of housing on physical health, poor housing conditions have also been linked with high risks of poor mental health and well-being (Pevalin et al., 2017). Copyright © 2022, International Petroleum Technology Conference.
ABSTRACT
The well-being of employees is catching momentum among various demanding industries across the world, underlying the importance of introducing and maintaining effective happiness initiatives to foster successful employees'engagement with their line management to work better together and build loyalty to the workplace. This paper, therefore, aims to detail the strategic benefits of happiness initiatives along with the expected business benefits on long-term basis. A happy employee is defined as a productive and loyal employee. When an employee is happy, they tend to display greater engagement with their job. Similarly, studies have shown that when an individual feels "heard" and that their voice matters, their levels of morale are higher. Moreover, when equipped with the right tools to cope with a stressful environment, a worker's level of productivity and the quality of their work improves. The data collected at the end of each initiative is an important reference and resource for companies with a high number of employees across various specialties. This paper will provide the background of the importance of happiness initiatives, as well as making the first steps towards cultivating a culture of happiness in the more traditional industries, especially including the oil, gas and energy industry. The concept of a happiness initiative, especially in relation to international best practices, is currently not widely applied in traditional industries with evidence on the lack of a true sense of happy and productive engagement across different employees'levels and contractors. Elevating happiness across organizations is, therefore, essential, as indicated by the fact that good mental health and well-being are core needs for any business to succeed in the post-COVID-19 era. Happiness at work is a relative, attainable concept that can be fostered and sustained in a more professional context, where organizations can play a vital and critical role in the research, establishment, and advancement of workplace happiness policies and frameworks on strategic basis that will positively result in tangible and non-tangible business benefits. This paper will outline mechanisms, best practices and the role of "Chief Happiness Officers" in leading tailor-made happiness initiatives to address organizational-specific needs and emerging issues. Copyright © 2023, International Petroleum Technology Conference.
ABSTRACT
During the first quarter of 2020, the world encountered a crucial and unprecedented health crisis. The global transmission of COVID-19 poses a significant challenging situation for Oil and Gas industry, particularly in the absence of standardized procedures and recognized methods. Like many other countries worldwide, Saudi Arabia implemented the lockdown for utmost public and private services and controlled population movement through curfew. With the execution of these tight mitigation requirements, Halliburton Saudi Arabia has been able to maintain business continuity by looking at the basic approach of health, safety, and environmental (HSE) processes through crisis management decision making and utilizing digital solutions. The purpose of this paper is to showcase how Halliburton Saudi Arabia developed sustainable adjustable process and methods that reduced exposure and the pandemic-related potential risks associated with working in offices, rig sites, workshops, and laboratories while maintaining business continuity in operation, manufacturing, and technology. Halliburton Saudi Arabia preformed risk analysis, tracking systems, exposure modification methodologies, communication strategies and management decisions that helped the company overcome challenges during the pandemic. The implementation of risk assessments, adaptable safety procedures and utilizing more than 5 digital platforms, served Halliburton employees and its work force throughout 2021 and into 2032. In this paper, we share lessons learned during the pandemic, how we overcame the unprecedented health crisis and how we continue to deal with the pandemic impact. Copyright © 2022, International Petroleum Technology Conference.
ABSTRACT
The current outbreak and the financial crisis occurred due to Coronavirus (COVID‐19);the global economy is melting like an ice-cream. This current pandemic and the market condition have affected not only the human but also greatly impacted the commodities prices, demand & supply especially into the industry those which believes on the traditional way of working such as oil & gas and other energy sectors. If I will talk about only the oil and Gas or Petroleum industry, then based on the current market information and statistics then the short team impact is nearly 25% to 30% decrease in the petroleum consumptions, but the long-term impact can be even more than 35% to 40%. The CAPEX and OPEX investment for research and development have been slashed like anything. When the world started investing into the other source of energy then it has started forcing oil and gas industry to think out of the box and industry must change rapidly prior to losing a substantial market share because of orthodox thinking in terms of utilizing the available technology or investing in the future technologies. This paper will discuss about the way how to shift the whole industry from man oriented to machine oriented, uses of traditional technologies to the modern technologies and implementation of digitization and automation of running plant as well as upcoming projects starting in the earliest phase e.g., Feasibility study, Pre-Feed, FEED and EPC stage (including Pre-Commissioning/Commissioning) and the operation phase of the projects. Copyright © 2022, International Petroleum Technology Conference.