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Comment: Upstream benchmarking - The path to future success

by Guest on Sep 13, 2017


Colin Chapman is the president of Euro Petroleum Consultants
Colin Chapman is the president of Euro Petroleum Consultants
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Benchmarking is a tool that helps companies to identify how they are performing compared to their peers in the industry, and it also allow firms to track improvements on a continuous basis.

By conducting benchmarking, organisations will benefit from the experience of other similar companies in the oil and gas sector.

Some firms use benchmarking in order to demonstrate to stakeholders such as customers, shareholders, and lenders that the company is performing to an acceptable level. Benchmarking can also provide an effective input to the company’s strategic planning process by defining projects for improvement based on realistic analysis. This is why companies should use benchmarking not only to demonstrate good performance, but also to identify which best practices will  most effectively and significantly improve their performance on a continual basis.

Objectives of benchmarking

The objectives of benchmarking are to establish a company’s actual performance levels, determine superior performance levels and reasons for such performance, and quantify and understand any performance gaps in key business areas. The process also enables the sharing of knowledge about best working practices, which will in turn enable superior performance. Through effective benchmarking, learning becomes the foundation for long-term performance improvement.

The upstream sector

Within the upstream sector, various types of facilities can be benchmarked, from production and processing facilities to marine terminals, storage, loading and unloading facilities, as well as gas and oil pipeline systems, liquefied natural gas (LNG)  handling facilities, and underground gas storage.

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