In today’s society, technology rules, and any company intending to make a sustainable impact in any sector of the economy should be ready to invest in procuring the latest technology to boost their chances of achieving that goal. This is why Saudi Aramco, despite already having a being one of the largest players in the oil and gas sector, and being widely reputed to be the biggest oil-exporting company in the world, has recently disclosed its plans to set up a whopping $500 million fund to foster investments in modern technology.
Mr. Mufti disclosed this at the Atlantic Council Global Energy Forum in Abu Dhabi while speaking during an interview. He said the new funding is geared towards making investments in both technology and sustainability. This would serve as a continuation of the technology investments already being made in most parts of Europe and the US.
In a bid to live up to its reputation as a global investor, Saudi Aramco has duly made plans to expand its investment frontiers into Asia. To this end, the company has launched an office in Beijing.
Saudi Aramco’s decision to boost investments in technology in order to promote productivity, sustainability and a safe working environment in the oil and gas industry is a very laudable one, and it is important that the company does not relent until it has maximized every available method to achieve their goals. An unhealthy or unsafe work environment would be the undoing of any business outfit.
Technology can now help boost productivity and improve the work conditions in any industry, making it safe for employers to go about their duties smoothly, and in the long run, aid sustainability. Seeing the importance of this kind of technology, and how well it can improve the lot of any company, it is wise for business outfits to deliberately make efforts into investing in technology, just like Saudi Aramco is currently doing.
Importance of productivity and safe working environment in the oil and gas industry
Productivity refers to the measure of the results achieved within a given time frame. How much effort does the company put in to ensure they are achieving their goals? Is it commensurate with the results being achieved? The place of productivity in the oil and gas industry is so mundane that you cannot talk about the growth and development of the industry without mentioning it.
The oil and gas industry, like every other commercial industry, is set up to make a profit. Productivity in industries like this would be largely dependent on how well profits can be maximized while also ensuring efficiency and quality in the services being offered.
How well an industry performs is largely dependent on how productive it is in meeting up with the needs of its customers on a day to day basis, and the productivity of such an industry is also to a large extent hinged on the quality of working conditions which the workers have to cope with.
Coronavirus is said to have originated from Wuhan in China and has spread to other parts of the world so rapidly and mysteriously, killing thousands of people, and affecting lots more, as a result, the World Health Organization (WHO) has been forced to declare it a pandemic. The novel Coronavirus, also referred to as COVID-19 are a large family of viruses that cause respiratory difficulties, fever, and pneumonia, and ultimately can lead to the death of its host if not properly treated. Currently, there is no cure for coronavirus and measures to curtail it are majorly preventive, not curative.
Health care providers have warned that the best way to avoid contracting the virus is to avoid exposure to it since there is currently no preventive vaccine for it. Coronavirus is said it spread through close contact with infected persons, and through respiratory droplets that are released into the air when an infected person coughs or sneezes. To this end, people are encouraged to keep a safe distance between other people and to make use of certain protective gadgets, especially when caring for someone who is sick. Other preventive measures include regular washing and sanitizing of the hands through the use of alcohol-based hand sanitizes, avoiding touching any part of the face with bare hands, premium self-hygiene, etc.
Relating the coronavirus situation to an unhealthy working environment in the oil and gas industry, it is evident that certain unfavorable health and safety conditions in the workplace can lead to a total shut down and decline in productivity if not attended to immediately. As it is with the coronavirus, workers would be reluctant to work in an oil and gas industry that doesn’t prioritize their safety considering the huge health risks present in the industry. The oil and gas industry, for example, is highly susceptible to fire outbreaks if proper attention is not taken, and fire outbreaks would definitely cause a lag on the productivity of the industry and affect industry sustainability in the long run.
For an industry like the oil and gas industry that can be described as predisposed to a lot of risks, investing in technology to help achieve and maintain a safe and healthy working environment for all is a very worthy investment and companies that want to remain relevant in the industry.
How technological innovations can improve productivity and promote a safer working environment in the oil and gas industry.
Now that we are aware of the relationship between productivity and a safe working environment, and the roles these two factors play in fostering positive growth and sustainability in the oil and gas industry, what is the next step for companies to take to ensure that their workers’ safety is of premium priority while also monitoring and ensuring that productivity is at its peak? The answer is simple: technology.
Technology has evolved so much over the years that there are now new and modern equipment to ensure that every single bit of work needed to be done in the oil and gas industry can be done without stress and unhealthy concerns for the safety of workers and stakeholders. This equipment and innovations also help to improve productivity by improving the working conditions of the environment.
By employing the help of technology in fostering safety and productivity in the workplace, a company can also inadvertently help build team rapport among staff, save time and energy, and help a proper organization in the industry.
Over the years, we have seen steady growth in the implementation of technological innovations in a bid to mitigate the safety risks associated with the Oil and Gas Industry. From improved fireproofing techniques, and equipment, soundproofing, to fail-safe devices installed at valves and other pressure points, technology has drastically mitigated the safety risks associated with the oil and gas industry.
Here is a chart that explains the effects of unsafe work environments/procedures.
Factors to consider when sourcing for equipment and the best suppliers in the industry
Now that we understand the importance of a safe working environment and its relationship to productivity and sustainability, and how technological advancements can be employed to achieve them, the next question becomes how do I know what knows of equipment to invest in? How do I locate the proper supplier for the relevant equipment? In this section, we have outlined and briefly explained four important factors to consider when sourcing for safety equipment in your oil and gas company:
Without mincing words, it is obvious how money plays a major rule in every facet of our lives. We are always looking for ways to save costs and maximize profit and it’s quite understandable given the economic realities we have found ourselves in today. The oil and gas industry in particular needs to always be conscious of expenditures as the recent fall in oil prices means that they would have some budget slashing to do. These companies should always have cost-effectiveness in mind when sourcing for equipment to purchase.
Part of cost-effectiveness involves buying quality materials. While it is important to save costs, quality should never be the opportunity cost. In fact, buying substandard materials that would not stand the test of time may seem like the wise thing to do in the present until they become useless in such a short time and more expenses are incurred in either repairing or replacing them. Always go for equipment that is durable and made of quality materials.
Fit for purpose:
Before purchasing any safety equipment, it is wise to first determine the purpose you wish to achieve by buying it and then checking to see if the particular equipment in mind would fit the purpose for which it was intended. This is to avoid buying equipment that may turn out useless in the long run. For Oil and Gas Industries, the majority of their safety investments should go towards forestalling fire outbreaks and they should, therefore, purchase equipment like fireproofing materials to fit that purpose.
Easy to maintain:
Quality materials should be easy to clean and maintain and should also be durable.
To avoid all the stress involved in sourcing for the best safety equipment for your oil and Gas Company, a profitable shortcut would be to simply approach a company that specializes in the sale of quality materials while also considering your budget. One of such companies is Prometheus. Just like Saudi Aramco is in the oil and gas industry, Prometheus is a forerunner in the health and safety equipment industry and needs no introduction.
Over the years, Prometheus has been known to deliver the best quality materials found in the world to its clients and is constantly researching for better ways to improve the safety situations in the oil and gas industry. Prometheus cares about the well-being of oil and gas staff and with their excellent mode of operation and service, you are sure to have a wide grin on your face when you work with them for your safety equipment needs.
No oil and gas industry can survive long without conscious efforts at ensuring that the safety of the working environment is assured. Key players and indeed the wisest players in the game are constantly looking to invest in state-of-the-art equipment that suits their safety requirements especially as it relates to preventing the fire outbreaks that they are so susceptible to.
The wisest thing to do when sourcing for such materials is to contact the services of an experienced safety equipment consultant that puts your company’s overall interest ahead of their personal gains. To this end, say no more; Prometheus is just the company for you.
Check out Prometheus Group Passive Fire Protection Solutions