In 2000, The Allstate Corporation started on an exciting and uncharted new course: to become an early insurance industry adopter of enterprise risk management (ERM). It has been a complex journey that has helped provide a deeper insight into the company’s underlying risk profile, enhanced the way Allstate manages risk in several significant ways and helped generate actions to better exploit risk opportunities.
The company’s initial effort began some years earlier at the direction of then-CFO, Tom Wilson, who established new capital allocation and valuation models for use in the finance function. Later, as Wilson moved into an operating role, John Carl joined Allstate as CFO and asked his staff what the company’s risk-adjusted returns were. A series of conversations resulted in a decision to explore developing a more quantitatively rigorous approach to measuring risk, similar to what was practiced in the oil and gas industry. Click here to read more…
Study on Environmental impact assessment in Nigeria
Abstract: As a consequence of the illegal dumping of toxic wastes in Koko, in the former Bendel State, in 1987, the Nigerian Government promulgated the Harmful Wastes Decree which provides the legal framework for the effective control of the disposal of toxic and hazardous waste into any environment within the confines of Nigeria. This was immediately followed by the creation of a regulatory body, the Federal Environmental Protection Agency (FEPA) in 1988. FEPA is charged with the overall responsibility of protecting and developing the Nigerian environment. To put this into action a National Policy on the Environment was developed. This is the main working document for the preservation and protection of the Nigerian Environment. States and Local Government Councils were also encouraged to establish their own environmental regulatory bodies for the purpose of maintaining good environmental quality as it applies to their particular terrain.
The EIA Decree No. 86 of 1992 is an additional document with the same aim of protecting the Nigerian environment. It is particularly directed at regulating the industrialization process with due regard to the environment. By this Decree, no industrial plan/development/activity falling under the FEPA’s mandatory list can be executed without prior consideration of the environmental consequences of such a proposed action, in the form of an environmental impact assessment. The Department of Petroleum Resources (DPR), an arm of the Ministry of Petroleum Resources, recognizing the national importance of the oil and gas industry sector to the continued growth of the Nigerian economy and realizing that the continued exploitation, exploration and production of the oil resources has serious environmental impacts, also decided to set out comprehensive standards and guidelines to direct the execution of projects with proper consideration for the environment. Keep reading…
This Six Sigma case study looks at how we were able to drastically reduce inventory levels for our client in the oil and gas industry. This was done without sacrificing service levels.
The Problem:In this six sigma case study, we look at a large company in the oil and gas sector that sells drilling liquids and chemicals to exploration companies.
The supply chain path of the company worked like this:
Product Manufacturer –> Regional Hub –> Country Warehouse –> District Warehouse –> Rig Storage
Since the items on the rig were on consignment, technically the inventory was still owned by the supplier until it is actually consumed by the customer.
Oil drilling can be highly variable and if for some reason the rigs run out of drilling fluids, it could cost the drilling company millions of dollars per hour. Due to this fact, the fluids company stocked multiple times of what was actually required to ensure they do not ever face that situation.
The inventory turns were at 1.2. This means that on average, a product would sit around for about 10 months before being consumed! These were high value and bulky items which required large warehouses to host them. Click here to read more…
Abstract: In the 21st century, there has been an exponential expansion in the oil and gas industry, with large number of companies foraying into this arena. These companies are transcending borders and penetrating global markets for power and profit. Additionally, the liberalisation of trade and open markets has prompted many successful oil and gas majors to expand globally, with many of them even reaping successful returns. Click here to read more…
Context: Complete Production Services (CPX) is an oil and gas services company, with a set of eight business units, each one having its own ERP. Additionally, the parent, CPX, has its own ERP. Each business unit generated invoice data individually and CPX needed to collect this information and submit PIDX complaint invoices along with related documents to their customers. The invoices were generated into a directory in a flat file (CSV, TXT or XML) format by generated by internal accounting systems including Navision and MAS 200 from Sage.They then had to transform the invoice data into PIDX invoices compliant with the specifications of the final customer (or any other format required by the customer)Finally, they could send the PIDX invoices & related attachments to the customers according to the rules defined by the customers.
Solution: Amalto’s customized offering for the Oil and Gas industry, the PIDX b2box is a packaged solution enabling immediate activation of B2B electronic relationships and back-office system integration in a limited timeframe. It is delivered as a standardized license Product. The b2box is well adapted to organizations dealing with business partners using various message formats and/or protocols, and processing a large volume of transactions. Adding a new partner or changing settings to an existing one is very quick with the b2box, which gives companies using the b2box the ability to process automatically POs and invoices from the beginning of its relationship with new customers. Learn more on Complete Production Services
“With Office Communications Server, we can send one person from the team to Dubai.… They can still function as a team for the meetings—but with a third of the travel cost.“
– Scott Duff, Vice President of Internal Audit, NOV.
Situation:National Oilwell Varco (NOV) is a worldwide leader in the design, manufacture, and sale of systems and components used in oil and gas drilling and production, as well as services to the upstream oil and gas industry. NOV has more than 40,000 employees working in facilities in 49 countries. As a global company in a competitive market, NOV must meet the demands of customers across the world. Communications is a central component of NOV’s success.
Solution: NOV began testing Office Communications Server on an old sever that was configured in one afternoon. The initial user base was composed of 50 users within the IT department who each received the Microsoft Office Communicator client. The test group immediately saw the benefits of sending instant messages and viewing coworker availability. They later discovered how much more Office Communications Server had to offer. “We started discovering that Microsoft Office Communicator is more than just IM. We could actually talk to people computer to computer,” explains Philips. “Then we added webcams and were able to see people from the other side of the world, sometimes for the first time. We started playing with the Live Meeting client and doing Web conferences with all of IT.” Read further about National Oilwell Varco
Total Waste Management Alliance Ltd (TWMA), headquartered in Aberdeen, is an environmental waste management contractor, providing drill cuttings containment handling and processing services to the global oil and gas industry.
Utilising its latest innovative technologies the company helps reduce the environmental impact of drilling within the energy sector. TWMA has a global operation and it provides the largest range of waste management services within the industry. TWMA is a heavily asset based company driven by customer demand. It needs financial flexibility to rapidly acquire assets as new contracts are awarded. Click here to read more…