Project Management in the Oil Offshore Marine Industry

The petroleum industry, also known by the oil and gas industry is unique in many aspects. One, many other industries such as transportation, manufacturing and pharmaceuticals, food packaging and agriculture are dependent on it for energy supply or raw materials. The oil industry has many aspects. They can be divided into five segments: upstream, downstream and pipeline, marine, service and supply, and marine. The upstream segment includes exploration and development activities as well as production activities.
Offshore Exploration, Marine Transportation
Offshore exploration has been a growing trend in this century. Either the onshore resources are exhausted, they are no longer economically viable, or they are too restricted to be fully developed. The importance of offshore exploration and production has resulted in significant growth and improvement for marine transportation, whether by tanker carriers or underwater pipelines.
Overall, the oil offshore maritime industry is still important to our civilization, but it also has its fair share of problems. Cost cutting is necessary due to increased global supply and falling costs. It is possible to improve efficiency and implement it without compromising performance. Effective project management is essential for both the short- and long-term.

What is project management?
Project management is defined by the PMI as the application knowledge, skills, and techniques to project activities in order to meet project requirements. A project that is temporary and unique is considered a success if the final deliverable meets all requirements within the agreed timeline, budget, and quality. Organizations and enterprises can use project management as a discipline to help them focus on their goals, resources, and timelines and deliver the results they need.
Project Management in the Oil Offshore Marine Industry
Many challenges face the oil offshore marine industry. Petroleum is a non-renewable resource. The industry will soon face its depletion. Production in the US and Canada is increasing, but established producers refuse to reduce supply, so there’s an increase in global supply. There is also a push to save energy, reduce emission, and develop other renewable sources. This results in a steady demand which leads to lower oil prices. Technological advances have made it possible to explore offshore, reach deeper depths, and produce and transport products on or below the ocean floor. Project management can improve efficiency in the execution, delivery, and planning of projects for the oil offshore maritime industry. Project professionals with the right skills and knowledge can help manage the uncertainty, increasing competition, and risk.

Top 5 Companies in the Oil Offshore Marine Industry
Another unique aspect of the oil-and-gas industry is the fact that most supply is controlled and managed by state agencies and most are located in the Middle East. The industry can be broken down into two types: international oil companies (IOC) and national oil companies (NOC). IOCs are publicly traded multinational companies. These are the top 5 IOCs based on reserve size:
Royal Dutch Shell
Total SA
The top 5 NOCs based on reserve size are:
Saudi Aramco
National Iranian Oil Company
Qatar Petroleum
Iraq National Oil Company
Petroleos de Venezuela
Some figures and values
Oil companies are some of the largest in the world. Six companies are among the top ten in revenue worldwide. Today, crude oil prices fluctuate between $50-$70 per barrel. The world has a little more than 1,700 billion barrels of crude oil reserves.

Author: Alexander