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Health and Safety in Oil and Gas Sector

   

Added on  2021-04-17

17 Pages4163 Words31 Views
Materials Science and EngineeringEnvironmental Science
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Running head: HEALTH AND SAFETY IN OIL AND GAS SECTORHealth and Safety in Oil and Gas sectorName of the Student:Name of the University:Author’s Note:
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1HEALTH AND SAFETY IN OIL AND GAS SECTORExecutive summaryThis report intends to shed light on the process of “Ageing and Life Extension” policy usedby the various oil and gas companies, particularly the ones used by the United Kingdomcompanies. This report will also take into consideration the various risk associated with theprocess and the mitigation of those risks. The report will also provide insights into the assetmanagement techniques used by the industry. The report will also provide a few statisticsrelated to the ageing and life extension policy used by the industry and the various health andsafety issues which the industry is facing at the moment. Finally, the report will concludewith an outline of the legislations which guide the process of ageing and life extension policyused by the companies and the factors which they need to take into consideration.
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2HEALTH AND SAFETY IN OIL AND GAS SECTORTable of ContentsIntroduction................................................................................................................................3Present condition of the UK oil and gas industry......................................................................4Risk management and Asset integrity of North Sea installations..............................................5Developments in knowledge and technology advancement......................................................8Changes in the organization, skills and knowledge...................................................................9Statistics relating to the “Ageing and Life Extension”............................................................10Legislation relating to “Ageing and Life Extension” in the North Sea....................................12Conclusion................................................................................................................................13References................................................................................................................................14
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3HEALTH AND SAFETY IN OIL AND GAS SECTORIntroductionThe oil and gas industry is considered to be one of the largest industries in the worldpresently in terms of the economic revenue which it generates on an annual basis. Theindustry employs thousands of individuals from diverse parts of the globe in a bid to cater tothe energy and other related requirements of the world. It is to be noted that in nations likeSaudi Arabia and others it forms a major source of income to the nation and even contributesa major amount to the GDP of the nation (Energy.gov 2018). The United Kingdom is one ofthe key players in the global oil and gas industry. The “Oil and Gas Cooperation” of UK wasfounded in the year 1909 and since then it has formed the backbone of the economy of UnitedKingdom (Hse.gov.uk 2018). According to a report, in the year 2014 the industry produced1.42 million boepd, of which oil and gas amounted to around 59% (Oilandgasuk.co.uk 2018).Some of the financial statistics of this particular industry of the United Kingdom are listedbelow-Figure 1: Financial statistics of “Oil and Gas Cooperation”Source: Factset, Bloomberg, S&P Cap IQ; Forbes.
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