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
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
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
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 use of digital media such as audio and video as a teaching media helps to achieve teaching goals better than following traditional teaching. It improves the engagement with the lecture and helps to deliver the education by lower cost and shorter time. Many companies use electronic Learning (e-learning) as an effective way to improve the knowledge, skills, and performance of their employees. For that, it became essential to investigate the factors that affect the usage of these systems. Many researches have performed on the factors affecting e-learning systems in different sectors, but studies into e-learning systems for Oil and Gas industry is limited. In this study, the Oil and Gas sector is targeted since we have found the use of distance training and learning is projected to increase in this industry especially with current unprecedented circumstances and the lockdown that are associated with Coronavirus 2019 Disease (COVID-19). Human factors that influence e-learning systems for Oil and Gas companies are targeted and investigated. An investigation had conducted in order to gain insights into human factors. Questionnaires were collected from 76 employees from the field. The findings show that learner’s education, system interface, computer literacy, organization support, and teaching methods were identified as factors affecting e-learning systems. This research will play an essential role in helping oil and gas companies to develop and improve the use of their e-learning systems. © 2022 American Institute of Physics Inc.. All rights reserved.
ABSTRACT
The digitization of the oil and gas industry creates potentially detrimental opportunities for terrorists, criminals, insiders, and activists to exploit. Due to the COVID-19 pandemic, working remotely has become the norm, and remote collaboration has been enabled by such Internet-based applications as Microsoft Teams, Zoom, and others. Remote employees may be more casual with cybersecurity, which further increases the risk of cyberattacks. Successful cyberattacks against oil and gas assets or operations have the capacity to cripple economies, disrupt power grids, and initiate political or public unrest and chaos. Cybersecurity defense should be as central to our organizational culture as turning on our workplace computer. We discuss the most likely weak points in our systems and possible solutions. © 2022 by The Society of Exploration Geophysicists.
ABSTRACT
In this study, the time-varying dynamic relationships among real exchange rate, average real oil price and food inflation is investigated in Turkey during the period of 2006:1-2021:12. For this reason, TVP-VAR models are applied. The findings from this study revealed that the pass-through effect of real exchange rate on food inflation increases rapidly during the COVID-19 pandemic, and this effect reaches the highest level in October 2021 in which the fluctuations in exchange rate occured. Besides, it is detected that raises in average oil prices significantly enhance food inflation since the vaccination proccess, starting in early 2021, has caused increases in production and demand.
ABSTRACT
The transition from the industrial economy to the knowledge-based economy has changed the status quo, and consequently, intangibles have gained traction in the scientific discourse of recent decades. The paper aims to scrutinise, econometrically, the nexus between intangibles and firm performance and the moderating role of CEO duality and CEO gender. Capital-intensive industries are largely overlooked by previous studies, which prompted us to explore the electricity and gas industry. The analysis is based on a longitudinal dataset of EU-listed companies and employs a quantitative approach to study the causal relationships between intangibles, firm performance, and CEO characteristics. Results demonstrate that intangible assets are a stepping stone to better financial and market performance, which endorses the resource-based view. Today’s social and cultural milieu sees gender diversity in a positive light. Consonant with the upper echelons theory, the study finds that CEO gender positively impacts the intangibles–firm performance relationship. The hypothesised prejudicial effect of CEO duality, postulated by the agency theory, is only partially supported. Managers and policymakers are advised to pay particular attention to intangibles and science-driven projects to augment corporate performance. Creating a diversity-friendly culture is also of paramount importance.
ABSTRACT
The purpose of the study was to predict the prospects for the development of this sector. As part of this, the following tasks were set: - to analyze the state of oil and gas production in Russia and the world;- to determine the factors affecting the economic efficiency of oil and gas production;- predict the level of production in the medium term. Currently, Russia ranks 2nd in terms of oil and gas production, and in terms of reserves - 7th and 1st respectively. Oil and gas production enterprises play an important social role, providing employment for a significant number of the population, high incomes, and maintenance of social facilities. Industry enterprises have shown high resilience to external influences during the COVID-19 pandemic and the Ukrainian crisis.
ABSTRACT
Even before the outbreak of the COVID-19 pandemic, the oil and gas (O&G) industry had been facing disruptions in terms of an energy transition phase that include the focus on the use of renewable energy equipment, transport electrification, decarbonization, and waste elimination among others. However, the contraction in global travel and remote working habits owing to the pandemic really set off disruptions for the O&G industry. This research intends to identify and analyze the enablers for the O&G industry that can help it handle potential disruptions and hence become resilient. Several significant enablers have been identified through a systematic literature review using the PRISMA approach and Delphi method. The mutual inter-relationships among the enablers have been developed using the modified total interpretive structural modelling approach. Later, the matrice d'impacts crois es multiplication appliques an un classement analysis has been used to identify the enablers' clusters according to their dependence and driving powers. The modelling and analysis results suggest four paths for the O&G industry to handle disruptions effectively. This research aims to help academicians, managers, and researchers understand the essential enablers and paths to adopt on a priority basis so as to handle disruptions and build resilience in the O&G industry.
ABSTRACT
Recognizing that the evaluation of the overseas petroleum investment environment is affected by many uncertain factors and that there are problems with current evaluation methods, this paper proposes a mathematical evaluation model of an overseas oil resources investment environment, based on a combination of the weighting and uncertainty measure theory. Combining international investment environment theory with the characteristics of the petroleum industry, this paper establishes an evaluation index system for the overseas petroleum investment environment and the linear uncertainty measure function of each index. Using the subjective weight obtained using an analytic hierarchy process together with the objective weight obtained using the entropy weight method, the optimal weight of each evaluation index was obtained using minimum relative information entropy. A multi-index evaluation matrix of the top 12 oil-producing countries in Africa was calculated. Finally, the credible degree recognition criterion was used to judge the order and level of the oil investment environment. This model provides an effective method for the evaluation of the overseas petroleum investment environment. The results show that Nigeria and Angola have the best investment climate, followed by Algeria, Egypt, and Libya. In general, Africa is an important strategic partner of China and is rich in oil resources. Although Africa’s oil industry is fraught with complex challenges and headwinds, challenges also present opportunities.
ABSTRACT
Background: The complexities of the workplace environment in the downstream oil and gas industry contain several safety-risk factors. In particular, instituting stringent safety standards and management procedures are considered insufficient to address workplace safety risks. Most accident cases attribute to unsafe actions and human behaviors on the job, which raises serious concerns for safety professionals from physical to psychological particularly when the world is facing a life-threatening Pandemic situation, i.e., COVID-19. It is imperative to re-examine the safety management of facilities and employees' well-being in the downstream oil and gas production sector to establish a sustainable governance system. Understanding the inherent factors better that contribute to safety behavior management could significantly improve workplace safety features. Objective: This study investigates employees' safety behavior management model for the downstream oil and gas industry to consolidate the safety, health and wellbeing of employees in times of COVID-19. Methods: Nominal Group Technique (NGT) was first employed to screen primary behavioral factors from 10 workplace health and safety experts from Malaysia's downstream oil and gas industry. Consequently, 18 significant factors were identified for further inquiry. Next, the interpretive structural modeling technique was used to ascertain the complex interrelationships between these factors and proposed a Safety Behavioral Management Model for cleaner production. Results: This model shows that management commitment, employee knowledge and training, leadership, and regulations contribute significantly to several latent factors. Our findings support the Social Cognitive Theory, where employees, their environment, and their behaviors are related reciprocally. Conclusion: It is postulated that identifying safety factors and utilizing the proposed model guides various stakeholder groups in this industry, including practitioners and policymakers, for achieving long-term sustainability.
ABSTRACT
This article aims to substantiate the factors by which the oil industry influences the sustainable development of OPEC++-participating countries under conditions of uncertainty. The impact of the price parameters of the world oil market and the tools of its regulation on the sustainability of OPEC++-participating countries was assessed using panel regression analysis. The sustainable development level of OPEC++-participating countries was analyzed by the integrated estimation method, focusing on crude oil market functioning features. Undoubtedly, we can testify that there is a direct correlation between the country’s level of socio-economic development and sustainable development. In resource economies, a reduction in oil production and exports cannot have the same effect on sustainable development as in countries that do not produce oil, or are characterized by a higher level of economic development. With an appropriate level of economic diversification and the effectiveness of the institutional framework for managing the oil market, sustainable development can be achieved. Based on the model of the integrated assessment of the sustainable development of oil-exporting countries, the impact of statistically significant financial investors’ panic factor on the imbalance of oil prices due to the uncertainty of economic development was determined. Key indicators that create a panic factor in the oil market were identified. These include the indicators of the number of countries enforcing lockdown and the pandemic’s duration. We argue for the need to develop an effective strategy for achieving the sustainable development goals (SDGs) in OPEC++-participating countries, based on the management of crude oil supply and demand forces and by considering the effect of financial investors’ panic factor on the oil market.
ABSTRACT
Effective project management plays a crucial role to the success of organizations via resilient execution of activities, in terms of performance and efficiency. Due to the recent market dynamics and its associated uncertainties, affecting several segments in the oil and gas (O&G) industry, utilization of innovative contracting schemes such as Front End Engineering Design (FEED) competition, and value engineered products are becoming of great importance to achieve the project's goals optimally. This paper discusses the competitiveness and strategic benefits of employing the vendor's pre-engineered and standardized turbomachinery equipment/solutions, to meet the required functionality while maintaining the highest levels of quality and safety. Several project management concepts and tools were employed, such as SWOT analysis, to discuss the benefits of supplying vendor's pre-engineered high value and long-lead turbomachinery equipment within projects, as a cost-effective solution, in place of customized products. A Requirements-to-Implementation Mapping (RIM) exercise was also carried out to benchmark the pre-engineered solutions with the industry practices while considering the packaging requirements from well-known international and national oil companies. This paper also presents success stories of implementing pre-engineered solutions that strongly contributed in improving the management of projects from engineering to operational phase. This study works in line with the recent O&G operators' initiatives in promoting agile approach to mitigate the forces that are impacting the industry and in turn the economy, such as COVID-19 pandemic. The study analysis, employing semi-quantitative approach, revealed that the pre-engineered solution brings to customers an improved value proposition in terms of cost, delivery, quality, safety, and aftermarket support, which contributes greatly in minimizing gold plating to achieve leaner projects. Standardized equipment is also found to be effective in minimizing the risks associated with changes and therefore improving the control on project constraints as well as simplifying the purchasing management of strategic equipment. In this respect, the use of standardization and pre-engineered activities could lead to a reduction of lead time up to 30%. The reliability of the standardized equipment will also be increased due to the proven frozen designs which have been repeatedly manufactured, tested, and supplied and therefore ensures successful and seamless project close-out. The proposed approach of mixing pre-engineered commodities to customized and configurable features based on site conditions provides the proper flexibility required by O&G industry while, simultaneously, maximizing the benefits of standardization. The strategic benefits of pre-engineered turbomachinery packages in the context of project management and supply chain process is not well recognized. This study explains these benefits to increase the customer's confidence level in utilizing this approach and benefit from its values, especially during the changing dynamics of the O&G industry. © Copyright 2021, Society of Petroleum Engineers