Category

powerful thinking
15
Sep

thoughts from the Granite City: Offshore Europe 2017

Despite having spent 5 great years living in Aberdeen between 1999 – 2004 working as a recent graduate for BP as a Petroleum Economist, this was my first visit to the Offshore Europe Conference and Exhibition held at the Aberdeen Exhibition and Conference Centre. timing is important Things feel a little different since my last...
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08
Sep

new technology, are you aware of the risks?

To many it seems as if the rate of change of technology is accelerating, and people are starting to claim that it is posing an increasing challenge to business[1]. It doesn’t stop there, Elon Musk claims artificial intelligence (AI) is one of the greatest threats facing humanity, he was recently quoted as saying unregulated AI...
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10
Aug

are you prepared to realise the value of the digital dollar?

The fourth industrial revolution is upon us, the Industrial Internet of Things (IIoT) is changing the oil and gas industry but are we fully leveraging value of the digital dollar? Companies are starting from an operations perspective and using the digital revolution to solve known problems. They are moving from reactive and preventive maintenance regimes...
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28
Jul

shipyards and the rise of the phoenix

A critical factor in offshore projects is the role of the shipyard as fabricator and integrator; however, in recent years those who might have chosen to invest in shipyards have been rewarded with burned fingers. 2017 midyear analysis [1] indicates that now might be the time for the phoenix to rise from the ashes, and...
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21
Jul

how you can make your project greater than the sum of its parts

Systems thinking and systems dynamics are two key components to systems theory and have been the mainstay of many industries since the middle of the twentieth century. Systems thinking is the approach of studying and understanding systems of all types. Systems dynamics is the methodology and mathematical modelling of these often-complex systems. The foundational theory...
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07
Jul

using adversity to drive innovation in reservoir focused technology

It is often said that ‘necessity is the mother of invention’ and there are plenty of examples of this, ranging from the eBook, which physicist Joe Jacobson created when he finished a book he was reading and realised he hadn’t brought another[1] to Japan’s need to produce high quality consumer goods to stabilise its economy...
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29
Jun

bitcoins, blockchains and unlocking project value

When the reclusive, assumed pseudonymous, Satashi Nakamoto mined the first Bitcoin in 2009[1], those with foresight may have predicted the potential disruption to currency and banking markets but few would have predicted the transformative, and in some cases disruptive, impact it may have in industries as diverse as automotive, shipping and oil & gas. As...
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23
Jun

Do you know you have a wicked problem and do you know how to solve it?

Oil & gas projects are some of the most complex in the world; they are often a series of interrelated problems which are increasingly difficult to solve. Bringing value and certainty to the oil & gas industry requires approaching these challenges in an innovative fashion and cognisant of their complexity. In 1973 two Berkeley professors,...
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15
Jun

From cartels to perfect competition…

When it comes to the oil price, an economist’s forecast is only as good as the next person’s guess … here at io, we take a look at the macro economic factors affecting the oil markets today. It was over 20 years ago whilst studying economics that I was introduced to the notion of perfect...
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08
Jun

Are you unknowingly destroying value with your capital value process?

Introduction In 2011 78% of upstream oil and gas megaprojects faced either cost or schedule overruns according to an industry study by the Independent Project Analysis (IPA); in 2014, research by Ernst and Young found 64% of projects faced cost overruns and 73% of projects faced schedule overruns[i] and in 2017 the UK Oil and...
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