By James Buckley
Dubai firm says attracting international interest is the biggest challenge for oil and gas players.
Portfolio and risk management firm, Collaboration Management and Control Solutions (CMCS), held its annual user meeting in Dubai last month to discuss project management with global oil and gas companies.
The event addressed obstacles in business processes, as well as emerging industry and technology trends, enterprise value and how to maximise return on investment. Real-world case studies were used to illustrate how best practices in project management can improve performance.
"For the oil and gas industry, time is money," said Bassam Samman. "Any delay in finishing projects means a loss of revenue, especially now that the oil price is so high."
Samman said the biggest challenge for oil and gas developers is to attract international companies to bid on their projects at reasonable prices. "The basic principle of portfolio project management is to align your project with your strategy," he said. "This gives a company a clear view of its priorities, which helps to optimise time and resources."
Speakers at the user meeting emphasised how the approach to project management had changed in recent years. "In the past, oil companies hired contractors and specialised firms to carry out work for them," added Samman. "They worked separately and project management was not in place to co-ordinate the two entities.
"This proved unsuccessful as the contractors would tell their bosses what they'd like to hear, not necessarily what was going on. For this reason energy firms became more active in monitoring the entire project."
Samman said the meeting achieved its goal of convincing delegates that project management should not be an isolated effort - but part of a company's overall culture. "What we are now seeing is the integration between project management and enterprise resource planning solutions," he said.