Oil and Gas Project Management Statistics


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Oil And Gas Project Management Statistics 2023: Facts about Oil And Gas Project Management outlines the context of what’s happening in the tech world.

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Top Oil And Gas Project Management Statistics 2023

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Oil And Gas Project Management “Latest” Statistics

  • Currently, the process of extracting oil and gas from the ground and delivering it to customers accounts for 15% of all worldwide GHG emissions connected to energy.[1]
  • Currently, major corporations spend an average of 5% on initiatives outside of the main oil and gas supply, with solar PV and wind energy seeing the highest investments.[1]
  • In the absence of any investment greater than any conceivable reduction in global demand, production from current fields falls at a pace of around 8% per year.[1]
  • low carbon fuels would have to represent around 15% of all fuel supply investments within 10 years.[1]
  • Lowering development time alone might result in cost reductions of between 15 and 30% for O&G firms.[2]
  • 63% of the sample is selected engineering project managers employed in the oil and gas sector.[3]
  • According to the international energy agency, the oil and gas industry is expected to receive investments totaling $3 trillion over the next 25 years.[3]
  • Approximately 90% of oil and gas practitioners polled believe that knowledge transfer via internal or external expertise is the primary means through which sustainability in project management would be implemented.[3]
  • In the oil and gas industry, more than 53% of the sample’s respondents have postgraduate degrees, and 34.4% have bachelor’s degrees.[3]

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How Useful is Oil and Gas Project Management

One of the key benefits of oil and gas project management is its ability to coordinate and integrate various aspects of a project. From exploration and drilling to processing and transportation, oil and gas projects are multifaceted and require a high level of coordination. Project managers play a crucial role in ensuring that different teams work together seamlessly towards a common goal. This coordination not only improves efficiency but also helps to minimize delays and cost overruns.

Additionally, effective project management in the oil and gas industry helps to mitigate risks. Oil and gas projects are inherently risky due to factors such as geopolitical instability, price fluctuations, and technical challenges. Project managers are tasked with identifying and assessing risks, developing mitigation strategies, and ensuring that the project stays on track despite unforeseen challenges. By proactively addressing risks, project managers can help minimize the impact of disruptions and ensure the successful completion of projects.

Furthermore, oil and gas project management is essential for ensuring compliance with regulations and standards. The energy industry is subject to a wide range of regulatory requirements, covering areas such as safety, environmental protection, and labor practices. Project managers are responsible for ensuring that all activities comply with relevant regulations and standards, reducing the risk of penalties, litigation, and reputational damage.

Another benefit of oil and gas project management is its focus on cost control. Oil and gas projects are often capital-intensive, with large budgets and long timelines. Effective project management helps to track costs, identify cost-saving opportunities, and ensure that projects are completed within budget. By monitoring expenses and implementing cost-saving measures, project managers can help increase the profitability of oil and gas projects.

Oil and gas project management also plays a crucial role in stakeholder management. Oil and gas projects involve multiple stakeholders, including investors, government agencies, local communities, and environmental groups. Project managers are responsible for communicating with stakeholders, addressing their concerns, and ensuring that their interests are taken into account. By building positive relationships with stakeholders, project managers can help create a supportive environment for project implementation.

In conclusion, oil and gas project management is a critical function in the energy industry, ensuring the successful completion of complex and high-stakes projects. Project managers play a key role in coordinating project activities, managing risks, ensuring compliance, controlling costs, and managing stakeholders. By leveraging their expertise and skills, project managers help to streamline project execution, mitigate risks, and deliver value to stakeholders.

Reference

  1. iea – https://www.iea.org/reports/the-oil-and-gas-industry-in-energy-transitions
  2. mckinsey – https://www.mckinsey.com/industries/oil-and-gas/our-insights/how-the-oil-and-gas-industry-can-improve-capital-project-performance
  3. pmi – https://www.pmi.org/learning/library/sustainability-project-management-perspective-8954

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