Reference no: EM133572877
Summative Assessment - Oil and Gas Management
Learning outcome 1: Understand and critically discuss relevance of the main conceptual paradigms and empirical issues pertaining to oil and gas management
Learning outcome 2: Be able to demonstrate in-depth knowledge and understanding of current issues within the subject area of oil and gas management
Learning outcome 3: Demonstrate critical awareness of oil and gas management through application of the study's conceptual underpinnings to analyse and synthesise industry-related problems.
Learning outcome 4: Develop and express ideas in a form of presentation and argumentative coursework.
Learning outcome 5: Use information and knowledge effectively, to abstract meaning from information and share knowledge.
Learning outcome 6: Communicate ideas in a manner that is accessible for a wider community of learners and practitioners.
Learning outcome 7: Ability to analyse and present a selected industry-focused problem (presentation and project management skills).
Assessment Task
The oil and gas industry is complex and continuously evolving, requiring companies to continuously strive for increased profitability. In these efforts, oil and gas companies encounter dynamic risks emerging from various sources, which necessitate the implementation of effective management strategies. Technological advancements have been realised as a crucial component in addressing these risks and enhancing risk management strategies.
Your task is to produce a coursework that analyses the risks associated with the industry, and explore preventive strategies implemented by oil and gas companies to overcome these risks. Additionally, the coursework should examine how technology advancements in the industry are linked to these strategies, providing specific benefits and applications. Specifically, the coursework should:
1) Define and analyse key risks associated with the oil and gas industry, focusing on one specific segment of the value chain (upstream, midstream or downstream). Support your analysis with recent, relevant examples from different countries or projects.
2) Present and critically discuss the strategies followed by oil and gas companies to mitigate or overcome these risks and achieve profitability.
3) Review and critically evaluate how technology advancements are linked to the strategies mentioned in point (2) and how they are employed to enable automated procedures, optimise processes, reduce costs, eliminate errors, etc. and thus enhance profits.
Important consideration for the use of examples (or case studies):
Present relevant examples (or case studies) that demonstrate the risks and the practical application of risk management strategies and technology advancements in the oil and gas industry.
These recent examples should showcase the industry's most up-to-date developments.