Singapore – In the face of staggering global statistics on the inability to successfully engage in project management in the ever-competitive oil and gas industry, ESI International, the world’s leading project management training company, has released a Point of View paper simplifying steps to ensure effective project management. The paper, Successfully Navigating the Oil & Gas Landscape, outlines how efficient project management training can contribute to project success.
Today, oil and gas projects have transformed into mega projects with longer lead times. On the downside, it has been observed that the execution time has prolonged, resulting in cost overruns to a considerable extent. By their very nature, mega projects are complex and technologically demanding. They have highly difficult and risky execution procedures and require a sound project management process.
“Project successes or failures directly impact an organisation’s strategic corporate goals. This impact is not just limited to financial performance, but extends into other business areas such as resource allocation, competitive positioning, growth and expansion plans, and brand reputation,” said Raed S. Haddad, Managing Director for Asia Pacific, ESI International. “Training impacts project management skills by increasing staff competency, which in turn positively contributes to project success. Our point of view paper is aimed at showcasing how project management training can enable oil and gas companies to better achieve profitability in today’s volatile global marketplace, while driving additional positive changes.”
Shining a light on major areas that will drive successful navigation of the current oil and gas landscape, the paper includes key points on:
Key challenges: End of easy oil era, managing social issues, talent shortage, the risk factor, and process inefficiencies.
Identifying and addressing the gap through effective project management:Effective stakeholder communication, robust project planning and thorough risk management.
Understanding the skill set roadblock
Measuring the impact of project management training
Creating value: Project management training as an investment tool.