The Rights of the Deceased: Moral Rights Incidental to Copyright Law
- Vanshika Agrawal
- 2024-04-25
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2 Major Challenges Face by Oil and Gas Sector in India
2.1 1. Minimizing costs to remain competitive
2.2 2. Performance Improvement of Industry
2.3 3. Meeting Environment Regulations
2.9 9. Improve collaboration with oilfield services to improve logistics
2.10 10. The rapid expansion of green technologies
2.11 11. Maintain in Team Morale
3 Solution to overcome challenges
The Oil and Gas sector is the eighth-core industry in India. India’s economic growth is the majority driven by fossil fuel. Oil and Gas which is one of the major sources of resources in the energy mix. India is the second-largest refiner in Asia as of April 1, 2019, as a crude oil refining industry with an annual capacity of 249.40 MMT.1 India has been the fourth-largest Liquefied Natural Gas (LNG) importer since 2011 after Japan, South Korea, and China.1
The Government of India has adopted various policies that included 100% percent of Foreign Direct Investment in many of the sectors which include Nature Gas, Petroleum Products, Refiners. It attracts both domestic and foreign investment attested by the presence of Reliance Industries Limited (RIL) and Cairn India. Nevertheless, challenges such as regulations, slacking Government policies, stagnant domestic production, and lack of intense participation from foreign and private oil and gas players likely hamper the growth of extent.
It is one of the essential challenges that the oil and gas industry is facing towards the production of refined industrial products of crude oil and refined industrial products at a lower cost. Consequently, enhancing the environment and production on currently functioning sites is the need of an hour of oil and gas companies.
Boost the life of mature sites has become a vital requirement for the oil and gas industry to continue their supply of Crude Oil and Gas. Industries are considered for new sources of transport, extraction and refining are certainly more expensive and complicated.
The Oil and Gas industry is an essential consumer of water and energy resources due to which Industry has to maintain proper regulations of production, extraction, and distribution.
The Society of petroleum and engineers has estimated that 50 % of the skilled workforce will retire in 5-7 years and companies have to bring new employees and contractors with less experience and unfamiliar with the facility.
Oil and Gas companies often use methods to increase equipment reliability and decrease downtime, especially unplanned downtime. Company Means time between Repair Replacement by running equipment at optional range recommended by original equipment manufacturer OEM.
Oil and Gas Company require equipment for inspections on a daily, weekly, monthly
Unit’s basis. The Inspection often requires temporary objective, moving equipment, operational reading, and ladder.
Large Scale Event includes Turn around, Shut-Down Equipment isolation, lockout events that require months of planning and require weeks or months as these start-ups and shut down events are most common times accident to occur. Oil and Gas companies find ways to save time which helps to keep the employee safe.
Spill and Leas are the most Public devastating events that Oil and Gas Company face as it is vitally important to supply quickly and effectively.
Oil giants like Chevron and ExxonMobil must depend on third-party suppliers to provide specialist equipment and expertise for different parts of the oil and gas supply chain. Oil and Gas companies, oilfields perform critical functions as a mistake caused by one company leads to devastating effect. Poor collaboration and communication slow down the process. The author of the white paper said that Exploration and Production (E&P) Companies can work more effectively by taking advantage of such cloud-based collaboration platforms. They can share detailed planning, standard inventory measurement, and forecast information process for workers in the field.
The rapid expansion of green technologies like electrical energy sources and biofuel has decreased the use of Oil and Gas Industry. Therefore it is still difficult to replace liquid fuels and it will take time to phase out completely. The Oil and Gas industry is facing many challenges. That will continue to be the most dynamic and important industries in the world.
To maintain the morale of the team of the Oil and Gas Industry there should be certain factors that help to maintain the morale as the remoteness of site locations & harsh working conditions affect the motivation level of team members to some extent. Team building exercises, interactive sessions, and discussion forums need to be organized on a regular basis to maintain the camaraderie and boost morale.
Thus Conclude, Oil and Gas sector is evolving day by day with a lot of new technology trends and innovations that are expected to flow upstream sector with exploration and production and also downstream, midstream infrastructure, refinery operations, and petrol chemical facilities. Therefore with the development of technological solutions and social responsibility. There is a huge opportunity to boost investment, minimize risk, and reduce cost in the Oil and Gas Industry.
Read about : Scrappage Policy and Green Tax
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