The energy industry is lagging other sectors on the race to adopt digital technology, but increases in capital investment are pushing digital transformation now more than ever, industry analysts told Petrochemical Update.
The U.S. Shale boom is fueling another wave of petrochemical projects and with $185 billion expected in potential capital investment, effective contract provisions and controls for managing these projects is paramount, an industry attorney told Petrochemical...
Craft labor supply is under pressure from rising construction demand and a new online tool is set to simplify productivity metrics and benchmark against other projects to cut costs and spur workforce development.
Refinery operators must integrate priority Key Performance Indicators (KPIs) into the tendering and planning of turnarounds and collaborate early with contractors in order to control costs, industry experts said.
Scheduled plant outages, turnarounds and shutdowns are expected to increase by 5.4% to $10.43 billion across all U.S. industrial markets in 2017, with the petroleum refining industry to see the biggest increase, according to Industrial Info Resources.
Bring together a project manager, contractor and consultant for a discussion on refining projects, and they will agree on many things, starting with the importance of front-end loading (FEL) and scope definition.
Petroleum refiners in the United States and Canada are forecast to spend about $6 billion on new capital projects in 2016, said Chris Paschall, vice president of global research for the refining industry at consultancy Industrial Info Resources (IIR).