Asset Management Strategies for Oil & Gas Businesses
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Introduction
The study here has focussed in discussing asset management with respect to the oil and gas industry. In simple words, asset management can be described as a systematic approach to the realization of values from the things and the governance that a group or entity is responsible for the life cycle. Every company requires asset management so that the functioning of the companies can be channelized in a proper direction. Individual skills are necessary for this management such as financial advisor, sell-side research analyst, portfolio management, relationship manager and many others. Here the study has will perform annotated asset management on oil and gas.
Annotated bibliography
Sarkar, A. (2018). Analysis of the efficiency of asset management of selected public sector oil and gas companies in India. Sumedha Journal of Management, 7(3), 52-61. Retrieved
https://search.proquest.com/docview/2149604899?accountid=188056
The purpose of the study is to determine the efficiency of asset management, liquidity and profitability are the two significant aspects as it includes a trade-off between these two. The objective of the study is to present an analysis of the efficiency of asset management of the public sector of oil and gas companies. The study here has primally focussed its studying in asset management in the oil and gas industry. It has been observed in the article that constant monitoring and diagnostic technique are required to be implemented so that the comprehensive services provided by the companies can be enhanced and improved. Here the study has clearly defined the factor that innovation should be introduced in the oil and gas public sectors so that the companies can provide enhanced services to the stakeholders. As opined by Sarkar (2018), the oil and gas sector is a highly asset-intensive industry. It has been observed in this article that new wells are required to be drilled regularly and assets are installed in locations that are typically hostile and increasingly remote. It has been observed that whether it is offshore or even deep water, all the locations are remotely located and getting help from the experts is generally a problem. This, as a result, leads to pretty and costly downtime in production that can lead to dangerous issues related to the environment. For this purpose, asset management is required that will help the companies to maintain the place. There are various ways through which asset performance management programs help the gas and oil industry in numerous ways such as,
It helps the management of the organization to make decisions related to investments.
It also helps in reducing unplanned downtime
It also saves a lot of money for the company
This has been observed that the article has concentrated on asset management and its importance has been underlined. With the help of the asset management of the remote areas will be maintained so that the companies can deliver better services to the customers. With the help of asset management, the oil and gas sector will be able to perform better than that of other industries.
CORPORATE SOCIAL RESPONSIBILITY AND FIRM PROFITABILITY: A CASE OF OIL AND GAS SECTOR OF PAKISTAN
Kiran, S., Kakakhel, S. J., & Shaheen, F. (2015). Corporate social responsibility and firm profitability: A case of oil and gas sector of Pakistan. City University Research Journal, 5(1), 110-119.
http://cusit.edu.pk/curj/Journals/Journal/Jan%202015/Article%2009.pdf
In this section, the study theory discusses the topic of corporate social responsibilities in Pakistan regarding the issue of oil and gas management and assessment as well. This sample data includes ten various companies which are situated in Karachi Pakistan, the author further analyses all the topics in this study to provide a data collection and analysis. The data were mainly collected from various sources of annual reports of the company. Corporate social responsibility is conducted primarily in a way to manage the whole company’s relation between the employee and the organization. Also, the oil gas company in any country holds a prominent position in the country’s economic growth. In order to maintain growth, corporate relation needs to be well balanced. This whole study is conducted in an excel sheet which also determines the relationship between the net growth and net profit between the corporate responsibility and the oil gas company.
Formation of the strategy of effective management of fixed production assets of Oil Company
Gajfullina, M. M., Nizamova, G. Z., Musina, D. R., & Alexandrova, O. A. (2017, June). Formation of strategy of effective management of fixed production assets of oil company. In International Conference on Trends of Technologies and Innovations in Economic and Social Studies 2017. Atlantis Press.
https://www.atlantis-press.com/proceedings/ttiess-17/25885434
This piece discusses the importance of good strategically plans in order to maintain the growth in the company of oil and gas, in any country. The strategic method mainly includes a plan from the beginning in the hope to keep all the issues and solves the problems regarding the production in the oil and gas companies. To form the whole strategy of management it needs efficient uses from the fixed assets. Managing the environmental sources is also essential in order to provide a production method which consists of some expert ways regarding the topic of strategic management. This strategy also raises the productivity of the company. The external forces also influence the richness of the oil and gas company in the hope to maintain that the company needs to imply a strategy regarding their productivity for the long term. The problems of using fixed assets in the oil and gas company also discussed in this section.
Knowledge retention and an aging workforce in the oil and gas industry: a multi perspective study
Sumbal, M. S., Tsui, E., See-to, E., & Barendrecht, A. (2017). Knowledge retention and aging workforce in the oil and gas industry: a multi perspective study. Journal of Knowledge Management, 21(4), 907-924.
https://www.emeraldinsight.com/doi/abs/10.1108/JKM-07-2016-0281
In this study paper, the author discusses the issue of old people retiring from the company regarding their age issue and new people recruitment. In oil and gas companies it all depends on the productivity skill of any workers; they need time to learn those skills and practices in hope to prove the service which the company needs. This study paper also brief investigates the challenges which arise from the employee retention in the oil and Gas Company and try to discuss the possible solve option in order to deliver a work which is more compact and accurate. This problem has a different aspect of various county workers, which the study paper interprets in this study in a way to deliver a subject which describes challenges faced by the oil and gas companies around the globe regarding the aging of skilled workers and retention of the employees.
Oil, Gas and Energy Business under One Belt One Road Strategic Context
Sarker, M. N. I., Hossin, M. A., Hua, Y., Sarkar, M. K., & Kumar, N. (2018). Oil, Gas and Energy Business under One Belt One Road Strategic Context. Open Journal of Social Sciences, 6(04), 119.
https://www.scirp.org/journal/PaperInformation.aspx?paperID=83914
This study discusses the oil belt one road or OBOR which is mainly implied by China in order to connect the people from various countries to the oil and gas and energy business in China. This study explores the risks under the initiative of the oil belt on the road. This study topic also discusses the importance of China as one of the top trader of oil and gas in the global market, and its impact on other countries. The study topic also describes the importance of other countries connected by the oil belt on road initiative with China. There are few political risks, economic risks and even environmental risks in order to maintain the position of China in the global area of gas and oil companies.
Framework to improve performance through implementing Lean Six Sigma strategies to oil exporting countries during recession or depression
Chaurasia, B., Garg, D., & Agarwal, A. (2016). Framework to improve performance through implementing Lean Six Sigma strategies to oil exporting countries during recession or depression. International Journal of Productivity and Performance Management, 65(3), 422-432.
https://www.emeraldinsight.com/doi/abs/10.1108/IJPPM-01-2015-0011
In today’s business model the society wants the reduction of various wastes in the company, innovating new methods that reduce the production time. All of these are very much related to the growth or productivity rise of oil and Gas Company. Lean six strategies can help the oil and gas companies to maintain performance in the whole world. In today’s societies, the people are very much dependent on the gas and oil supplements; this six lean technique helps to manage the entire productivity strategy in any company related to the gas and oil.
Conclusion:
The concluding statement discusses the importance of any oil and gas company in the country’s careful balance. In order to achieve the goal, the company needs to imply the six lean strategies and also imply the strategic management plans in order to accomplish the whole purpose of a company which provides an excellent service to its consumer. On the other hand, creating a robust corporate responsibility is necessary in order to maintain the balance within the company of Oil and Gas.