NrgEdge Editor

Sharing content and articles for users
Last Updated: February 14, 2017
1 view
Business Trends
image

NEW YORK (Bloomberg) -- Oil rose as the International Energy Agency said OPEC had achieved record initial compliance of 90% with their production cuts accord, while demand grew faster than expected.

Futures advanced as much as 2.1% in New York. In the first month of the Organization of Petroleum Exporting Countries’ agreement, key member Saudi Arabia reduced production by even more than it had committed, while higher demand is aiding the group’s bid to re-balance world markets, the IEA said.

Oil has fluctuated above $50/bbl since a deal to trim output between OPEC and 11 other crude exporters took effect on Jan. 1. U.S. producers are taking advantage of higher prices by boosting output to the highest level since April, a dynamic the IEA said is capping prices in the mid-$50s.

"It’s real positive that OPEC is at 90 percent compliance," Mark Watkins, the Park City, Utah-based regional investment manager for the Private Client Group at U.S. Bank, which oversees $136 billion in assets, said by telephone. "There credibility is higher than its been in a long time. This proves that they are serious about supporting the price of oil."

West Texas Intermediate for March delivery rose $1, or 1.9%, to $54/bbl at 11:21 a.m. on the New York Mercantile Exchange. Total volume traded was about 9% above the 100-day average. Prices are little changed this week.

3
0 0

Something interesting to share?
Join NrgEdge and create your own NrgBuzz today

Latest NrgBuzz

Oil Is Officially in Bear Territory. What Happens Next?

Two months ago, the crude oil market was abuzz with chatter that US$100/b oil was imminent. Fuelled by worries over the impact of American sanctions on Iranian crude exports, industry powerhouses from Glencore to JP Morgan to BP predicted that Brent would hit US$90/b by Christmas, and breach the three digit mark in Q12019. With just over a month to Christmas, Brent is now trading at US$65/b and WTI maintaining its steady discount at US$55/b. How did the market get it so wrong?

The main lynchpin is supply. Just as the sanctions went into effect on November 3, the USA issued surprise waivers to 8 key importers of Iranian crude, including China, India and South Korea. This had been bandied about in the lead up to November 3, with South Korea even eschewing all Iranian crude in September and India cutting down dramatically to qualify. The scope of the waivers was larger than expected, despite American rhetoric that the sanctions would be ‘tougher’ than Obama-era measures. Ostensibly, the waivers were issued due to the market being ‘fragile’, but also it also  acknowledges the reality that it will be impossible to remove all Iranian crude trade without causing a supply crunch. So instead of reducing Iran’s exports ‘to zero’, the White House seems to have settled on reducing it to 1 mmb/d or so.

At the same time, President Trump’s Twitter demands that OPEC increase its supply was heeded. Saudi Arabia claimed that OPEC was in a ‘pump as much as we can’ mode, with the Kingdom’s crude exports rising to record highs, along with that other large producer Russia. With increased supply from OPEC more than offsetting losses in Iran, the market swung from fears of a supply crunch to oversupply. On November 13, Brent dropped by almost US$5/b as market dynamics changed course; it wasn’t just supply growing, but also demand retreating, as warned by the EIA and IEA. OPEC also commented that it was seeing ‘declining demand for its crude’, revising its demand forecast downwards for the fourth month in a row – news that spooked traders in the market, especially given that China’s overall economic growth is also slowing down.

So crude oil benchmarks are now trading at nearly 20% lower than they were a month ago. That’s officially a bear market. What happens next?

Probably to the chagrin of Donald Trump – although the issue is less vital now that American midterm elections are over – Saudi Arabia is looking to make a U-turn, proposing an output cut of some 1mmb/d ahead of the OPEC meeting in Vienna in two weeks. Other allies within the OPEC+ circle are less keen on changing course, with Russia stating that producers should look to avoid knee jerk reactions to momentary price signals. That said, Vladimir Putin has also stated that oil at ‘US$70/b suits us completely’, a sentiment echoed across OPEC. So instead of taming prices, OPEC now has the onerous task to propping them up. But it’ll be easier said than done; the current glut in the crude market is for light, sweet grades, not the heavier, sourer crudes produced by OPEC.

Will it happen? Yes, it will. Producers have gotten used to US$70/b oil and with signs showing that Brent could fall as low as US$60/b in the next few weeks, they will be eager to shore things up. The slate of new upstream projects approved in the second half of 2018 require relatively strong crude prices to be economic. US$80/b oil might be too high, US$60/b oil might be too low, but US$70/b oil seems just right. And now it is up to OPEC+ to see if they can convince the market to return to that point.

Recent Brent Prices: 

  • 22 October 2018 – US$79.83/b
  • 29 October 2018 – US$77.37/b
  • 5 November 2018 – US$73.17/b
  • 12 November 2018 – US$70.12/b
  • 19 November 2018 – US$66.79/b
November, 21 2018
Project Management Professional

Career

Summary
A Project Management Professional with Management responsibilities covering the life cycle of a project from initial estimates and proposals to design management, project planning, procurement, construction, shutdowns, commissioning & handover.
Key areas of responsibilities& Achievements include:
Experience of Team management of over 150 Engineers and Designers
Technical evaluations for Bidding efforts and attend bid clarification meetings with Client as required.
Prepare & Issue technical summary & technical risks anticipated to management & Proposal Manager.
Interface coordination with other JV Partners, EPC Contractors, PMC & Client.
Organize the work for the Project team in the various phases of a Project including various procedures Quality & Execution Plan.
Organize & Attend Kick off meetings with client, partners, sub-contractors, vendors etc.
Expertise in coordinating complex engineering projects across disciplines involving various stake holders
Conduct Design Reviews, Risk Assessment, Value engineering, HAZOP/ P&ID Review/ Plot Plan Review/SIL studies/ Model Reviews, internal & externally with Client.
Ensure projects adhere to Quality & HSE System requirements
Prepare & issue related contractual & Technical letters & Queries.
Expedite with vendors, subcontractors & Client for various engineering & procurement activities.
Worked on Projects with Shell DEP’s, HFE, American, Singapore & Vietnamese Engineering Standards
Brief Responsibilities 

 

Single Point of Contact for all engineering matters, clarifications, queries & client communication on the Project
Manage a multidiscipline  engineering & design team to deliver  scope of work safely  & within quality/cost/schedule
Assisting the Project Management Team in all project management activities assigned.
Co-ordination with the disciplines and resources of the company in furtherance of the contract
Achieve the project’s stated objectives
Implement Lessons learned and performance survey.
Champion the consistent use of  delivery tools/processes which ensure that all parties have an agreed understanding of the project and their part within it
Analyze pre-contract correspondence vis-a-vis contract and resolve grey areas, if any, in the contract.
Take Lead in preparing the Project Execution Plan, Engineering Execution, Project Quality Plan covering objectives, priorities, directives to be followed and constraints to be imposed on the design & procurement, erection and commissioning of the plant.
Coordinate and prepare Project scope deliverables including DOR, strategies for critical Equipment’s & LL Items.
Coordinate for ensure all relevant team members are well versed with scope, applicable codes & standards and client requirements.
Coordinates & be the focal point for all engineering related inputs & outputs including during field engineering.
Resolve grey areas in basic design parameters and design standards with the client/PMC and issue contract design data.
Prepare Project Procedures, Quality & HSE plans & Issue the Engineering programme / Schedule.
Agree Construction Co-ordination Procedure with the Resident Construction Manager.
Study the control estimates.  Follow up corrective action where necessary as directed by the Project Manager.
Prepare the periodical progress reports to client for Clients review.
Prepare Project Closure Report & Engineering Closure Report.
Monitor & control RFI, DCN, Variation notices including engineering change orders
Coordinate for Model Reviews, HAZOP, SIL, P&ID Review etc.
Identify Areas of Concerns with respect to progress and/or quality implementation of corrective actions as required.
Experience
Company:         Abu Dhabi Construction Company
Dept.                     Project Management
Duration                Oct 2016 till date
 
Company:     SK Engineering & Construction  
Duration                 April 2010 till May 2016
Designation            Lead Engineer (Projects)
Company       Air Liquide Global E&C Solutions ( Formerly Lurgi Gmbh) 
Duration                Sep 2008 till Mar 2010
Designation           Senior Engineer
Company       Reliance Industries Ltd ( Formerly REAL)  – EPC Division
Duration                Jan 2007 till Sep 2008
Designation           Manager
Company      Hindustan Construction Company Ltd. (HCC), Mumbai.  
Duration                Jul 2004 till Jan 2007
Designation           Senior Engineer
Company        Bhoomi Engg (P) Ltd, Ahmedabad
Duration                Jan 2001 till Jun 2002
Designation             Site Engineer
Projects handled: 
ADGAS IS1 Project-LNG Train 1,2 & Utilities maintenance Project (14 Million USD)
ADGAS IS2  Project- LNG Train 3 & Utilities maintenance Project (18 Million USD)
KNPC- CFP Project, Kuwait (8Billion USD)
Detailed Engineering for Brown Field Units:, Isomerization flare,  CCR, Interconnections, Offsites, Steam and Condensate, FCCU, FUP Cooling Tower, including Interface Coordination
FEED verification & detailed engineering for Green Field Units, SRU I & II,
Nghi Son Refinery and Petrochemical (NSRP) Project, Vietnam (12 Billion USD).
FEED Verification & Detailed Engineering Greenfield CDU, KOHDS, GOHDS, SRU
Jurong Aromatics Complex Project, Singapore  (1.8 Billion USD)
Detailed Engineering for Greenfield Condensate 1 & 2.
ISPRL Padur (UG) Crude Storage Facility
Storage Units MUA & MUB
Interconnection Piping
SLM FEED Project , Louisiana , USA
CHL (Tahrir Petrochemical Project) FEED Project, Egypt
Detailed Engineering for Sulphur Recovery Unit, OHCU, Haldia (EPCM & , IOCL & for Shutdown & Commissioning
FEED Package for Iran Liquefied Natural Gas Company, LNG Project at India
Detailed Engineering Package, Gas Treating Units, Iran LNG Company at India
Jamnagar Export Refinery Project (JERP)- EPC
Engineering & construction works under Marine Construction Department, including Trestle fabrication, testing, Pile cap modification, Trestle launching, piping works on trestle, cold & hot insulations, Passive Fireproofing, water proofing, marine erection of trestle, onshore piping works till zero point to LFP, Fire proof painting works on jetty trestle, Jetty modification works, Insulation works of LPG lines etc.
One 24” LSWR line, one 24”diesel line & one18” Alkalyte line each 11 KM.
Pipe Racks, Tankages & Chiller Plant
3 Major Shutdowns including Onshore & Offshore Golden joint
Reliance Ports & Terminals Ltd, Revamp Project
Three new SPMs namely SPM 3, SPM 4 and SPM 5 and the associated following submarine pipelines have been planned to be installed as part of JERP project under this contract.
Boat Landing Structure Fabrication & installation
2 x 48” diameter pipelines to import crude via SPM 3
2 x 30” diameter product pipelines to export via SPM 4
2 x 30” diameter product pipelines to export via SPM 5
2 Nos Cryogenic Chiller plant
7 lines from 6” potable water to 30 “Diesel lines through new trestles.
2 Nos 1.6 m dia Sea Water system
3 Shutdowns excluding loading arms revamps & MTF hot tappings.
Sea Water Intake Channel revamp including dredging, widening, filtration systems.
Kudankulam Nuclear Power Plant, Package C3 (Onshore) & C6 (offshore)
Proposals handled: 
Proposal Project Engineer for ISPRL, Mangalore (AG) (Process & Utility facilities)
Proposal Project Engineer for ISPRL, Padur (AG) (Process & Utility facilities)
Proposal Project Engineer for SOHAR Refinery Expansion Project, ORPIC, Oman
Proposal Project Engineer for RAPID Package 4 , Malaysia
Proposal for HPCL-BPCL Hydrogen Project (BOO Basis)
Proposal for FEED Package for Iran Liquefied Natural Gas Company, LNG Project.
Proposal for Detailed Engineering Package, Gas Treating Units, Iran LNG Company
Proposal for AME- DME , Indonasia
Proposal for Resid Up-gradation Project, Chennai Petroleum Corporation Ltd , IOCL, Chennai
Computer Proficiency
Tools – MS Office, AutoCAD 2014, SAP MM module, Pro-file, Documentum
Planning Tools - Primavera Project Planner ( Ver 7, 6.2 ), Microsoft Project, SAP
Engineering Tools - SPR (Intergraph), Navis Freedom, Microstation
Language Proficiency
English, Hindi, Malayalam, Gujarati, Tamil., Marathi, Korean (Beginners)
Certifications
PMP® Under Progress. Expected by Dec 2018
Education
  2002–2004              M. Tech in Construction & Project Management, CEPT, Ahmedabad      
  1997–2001             B.E. (Civil) from D.N.Patel COE. Shahada, Maharashtra
Personal Information
Nationality………………………Indian
Gender  …………………………Male
Date of Birth   …………………Aug 18th 1978
Place of Birth  …………………Kerala, India
Marital Status…………………Married
Passport No……………………L8490259 valid till 30.04.2024
Skype ID………………………sandeep_b_nair
Linked In :                             https://in.linkedin.com/in/sandeep-nair-17a79821
UAE driving License…………..2443931 valid till 2020
November, 19 2018
Infographic: Oil and Gas Scams & How to avoid them!

Oil and gas sector is one of the most lucrative sectors for job seekers from industries all over the world. It offers great salaries and benefits packages and an opportunity to travel and work overseas. Due to its high demand, scammers are preying on the vulnerable oil and gas workers. To ensure you don’t fall prey to their mischievous tactics, we would recommend reading our guideline below:

How does scamming occur? 

The scammer poses as an employer or recruiter of an oil and gas company or he may claim to be an employee or recruiter for a job consultancy firm catering to the oil and gas industry. They offer irresistible employment opportunities and often demand money in advance to conduct further processes. Money is often demanded on the pretext of work visas, travel expenses, background or credit checks that the job requires.

What do scammers want from you?

 It is important to understand what the scammer's agenda is so that it helps you shield yourself from getting conned:

To extract money: On the pretext of getting you a job in the energy sector employing any of the tactics mentioned above

For identity theft: scammers look for valid identity of people and ask for confidential personal details including bank details to commit fraud through your name or to withdraw money from your account.

Whatever be their modus operandi, their goal is to either separate you from your cash or accomplish an identity theft. The bigger problem is, the scammers are getting better at their game and coming up with innovative ideas to lure innocent job seekers. In oil and gas industry, the scammers are targeting the job seekers from overseas, immigrants or contractors as they feel it is easier to attract them on the pretext of work permits, high salaries, paid travel, better lifestyle in the first world countries.

How to spot a job scam and keep yourself secure?

 There is always a difference between real and fake, all you need to do is be watchful to notice the underlying discrepancies. There is a pattern that scammers usually follows, which is discussed below. Make sure you watch out for these red flags when you receive any job offer next time:

Free email provider - No legitimate hiring agency or company will use the services of free email provider like Gmail, Hotmail, or Yahoo. So, if you are receiving an email or have been requested to share your details on emails that use free email services, then be extremely cautious. The scammers try to trick the job seekers by using an email address that looks authentic for instance: [email protected]. It is important to notice here that the ‘xyz’ part of the email ID is usually a gmail, yahoo, etc. which is a free email address. A legitimate job provider would never use.

Fake or new company name - If company name or oil and gas recruitment agency name is mentioned along with the free email id, then do a quick search on the company. Verify its existence and contact them via official email address and contact numbers mentioned on the website. Check their social media presence too. If the website and social media page look new while the company claims to be in business for a substantial amount of time, know for sure that there is something fishy.

Bad grammar and confusing job details - The scammers usually do not pay much attention to structure the mail. You can spot grammatical errors and even the job descriptions are not explained well or is completely different than your skillset and experience. Any authentic mail from a company or oil and gas recruitment agency will ensure an error-free, concise, and clear communication

Fee to conduct a job interview - No legitimate oil and gas company or recruitment agency will ever ask for money to conduct a job interview or to apply to job positions. If the mail says, the money will be refunded once you appear for a job interview, then please do not trust such claims as it is always bogus.

Asking for confidential personal information - Anyone asking for information that you will never put on CV, is a warning sign. It includes your bank details, passport copy, identity cards, your current residential details and so on. No genuine company will ever ask for such details before you sign the offer letter. If by chance, you have shared your bank details or another confidential detail to the scammer, contact your bank and email service provider and register a complaint against it.

Unknown source - There are countries who have strict spam rules and until you subscribe or give consent to the company, they cannot send you emails. So, if you receive an email from a company you haven’t contacted or have not applied for jobs, then be cautious it might be a scam.

The principle on which scammers operate is “Too good to be true”.  Don’t entertain any job offer that offers a position, you are not qualified for or offers a salary which is unrealistically high. In the oil and gas sector, be careful not to reveal your passport/work visa details to the scammer. Remember, if you find anything which is way beyond the realistic expectations, then trust your instincts and drop the offer and do not respond.

See our infographic below for a quick summarized glance -


 If you are looking for a job in the Energy sector then sign up today to stay updated with the latest industry news, apply for jobs and network - https://www.nrgedge.net/jobs 

November, 04 2018