New Delhi, September 28, 2016: Project Management Institute (PMI), in association with Petroleum Federation of India (PETROFED) and University of Petroleum & Energy Studies (UPES) as Knowledge Partner organized symposium for Oil and Gas industry in New Delhi today. The theme of the conference was, “Leveraging the power of project management.” PMI India also unveiled a report by Nielsen India on the project management practices in Oil & Gas sector.
The objective of the conference was to provide project professionals a platform to exchange views and ideas on the measures required by the oil and gas industry to adopt global standards and improve organizational maturity on project management and key reasons for project delays amongst other things. The discussion in the conference was focused on finding solutions for cost overruns and time overruns in the oil and gas projects. The event highlighted the need to efficiently manage scarce resources and adopt best practices in project management to deliver projects on time and within budget.
India is the 4th largest consumer of oil and petroleum products in the world with 216 million metric tonnes per annum (MMTPA) refining capacity. While this creates a huge US$542 bn investment opportunity over period till 2040, the past experience of average delay of 1.5 years in petroleum sector projects with average cost escalation of 6.2% makes it imperative for the Indian oil and gas sector companies to adopt global best practices in project management.
Speaking on the occasion Mr. Raj Kalady, Managing Director PMI-India said “The sector is expected to create a huge investment opportunity of USD 542bn by 2040. We believe this is an opportunity to be harnessed by improving the project management practices and this event will highlight the current project management capabilities of the Indian O&G infrastructure sector (including the PMC/EPCs), assess/identify the gaps in organizational structure, practices, skill sets, etc.. More importantly, suggest ways to bridge the gaps through better organizational planning and manpower capability building”.