Yinson is honoured to participate in this year’s virtual version of the Offshore Technology Conference Asia 2020 (“OTC Asia”). This marks Yinson’s second consecutive participation in OTC’s biennial Asian-chapter.
Originally organised to take place as a physical exhibition at the Kuala Lumpur Convention Centre back in March 2020, the event was postponed and converted into a virtual one due to the Covid-19 pandemic.
The virtual event took place online from 2nd to 6th November 2020. Our virtual booth saw the attendance of approximately 20 plus Yinsonites from our Singapore and Kuala Lumpur offices as well as 800 visitors from various companies.
This year, Yinson also contributed a paper presentation titled, “Calculating Initial Spare Parts Inventory in Petroleum Projects with Cost-Benefit Analysis” by Life Cycle Efficiency Specialist Mayang Kusumawardhani.
The paper aims to introduce a simplified decision-making method for the initial inventory of spare parts in a new petroleum facility. The paper seeks to address this common problem with a solution that many other practitioners in the field may find relatable.
According to the author, the basis for this paper was formed during her involvement in two projects with Yinson. She first began developing this method with the vendor while working on FPSO John Agyekum Kufuor, for which the team was able to mitigate the issue. She then decided to take it further by submitting a paper to OTC Asia 2020 after conducting a similar assessment for FPSO Helang.
Cost-benefit analysis is a highly effective tool that is often used in the Lifecycle Efficiency study in ALM. And as part of ALM continuous improvements, this has been taken further to be applied in the Lifecycle Cost Analysis to be able to optimise the return of investments.
Further details on the paper may be found on the Onepetro website here: https://doi.org/10.4043/30155-MS
The OTC exhibition is recognised as one of the world’s foremost convention for the development of offshore resources where it is designed to bring together key players in the global energy industry to showcase leading-edge technology for offshore drilling, exploration, production, and environmental protection. As the Asian chapter of the conference, OTC Asia offered the ideal platform for energy professionals meet and exchange ideas and opinions to advance scientific and technical knowledge for offshore resources.
