Are you working on end of year projects and planning for 2021? Here are a few tips that can help.
As we close out the most tumultuous year in recent memory, companies across the country are scrambling to salvage what they can from 2020. To compound an already difficult year, many organizations work with fewer resources and smaller staff due to cutbacks, lockdowns, quarantines, or other reasons. Players in the manufacturing and oil & gas space must finish out 2020 with an eye toward what the next few years will bring to the industry.
End of Year Projects
Loose ends from 2020 must be tied up before we move onto the new year. Are there unfinished end of year projects to complete? With reduced staff, it may seem impossible to meet deadlines, but outside resources can help fill any gaps in your team.
Internal housekeeping items may also have been pushed back or left unfinished this year. Are you up-to-date on your PHA? Don’t risk losing precious time during a possible rebound to conduct basic housekeeping operations. Consider scheduling a remote-PHA if on-site isn’t currently feasible.
Get in Position to Restart
With the potential of a vaccine on the horizon, the industry is hopeful about recovery. The market appears to be preparing for a ramp-up in oil demand if travel and work normalize in 2021. When a rebound does occur, companies will rush to get projects in line with suppliers, vendors, and subcontractors, which will create bottlenecks and price spikes. Stay ahead of the fray by reevaluating stalled projects and making detailed plans to restart them quickly. Whether it’s bringing shut-in wells back online or restarting projects that were put on hold, prepare to align resources and manpower at the starting line.
Implement Agile Practices
The pandemic has forced oil and gas companies into a new era. Different approaches are required to remain competitive. Managers from conventional schools of thought will need to consider non-traditional processes such as agile methodology. Agile project management uses short cycles of work that allow for rapid production and constant revision if necessary. Agile relies on small, cross-functional teams, rapid learning, quick decisions, and a common purpose to reach goals faster than traditional approaches. Companies that successfully implement agile methods can respond quickly to changes in this hyper-competitive environment.
Spreading risk with a more diverse portfolio has been gaining popularity among oil and gas companies for years. Even before the pandemic, major oil producers completed a record number of renewable energy deals to diversify their revenue streams. Diversification into the chemical, pharmaceutical, or natural gas market also fits well with existing knowledge, labor, supply chains, and infrastructure.
Address Engineering Shortage
Workforce cutbacks during the downturn were inevitable. Many staff engineers that were cut from the payroll may have retired, fled the industry, or found new positions. As activity picks up, we can anticipate a rush on projects and services, but key people with detailed knowledge of the project may be long gone. If history repeats itself, there will be a shortage of engineers in the oil and gas industry. Companies with access to experienced engineering professionals are better positioned for survival.
About Adley Services
With more than 20 years in the industry, Adley is your full-service engineering solution provider. We can be your trusted partner on large, multi-discipline projects. We can also be your one-stop-shop for smaller tasks that require an engineering review. Adley Services is dedicated to earning your trust on every project, regardless of the size or scope. Let our team help you finish your end of year projects. Contact us today!